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Donald Trump is the “first president of cryptocurrencies”: former CFTC regulator
Last Updated: May 16, 2024 6:03am EDT | 1 minute read
According to Chris Giancarlo, former commissioner of the CFTC, former President Donald Trump was dubbed “America’s first cryptocurrency president” since his first year in office in 2017. This designation came about when his administration approved the introduction of Bitcoin futures contracts, he said.
Giancarlo, speaking at a Washington DC crypto policy event on Wednesday, highlighted Trump’s supposedly long-standing reputation in the cryptocurrency industry, Fox Business reported. The comments of the former manager follow Trump last week pledged to end hostility toward cryptocurrencies if re-elected.
“In addition to announcing that he is now ‘good’ – i.e. cryptocurrencies – Trump can legitimately claim to be ‘America’s first cryptocurrency president,’” Giancarlo said. “This is due to the launch of regulated Bitcoin futures in the first year of the Trump presidency.”
“The enduring success of that regulated futures market has helped ensure that the world’s first digital asset, Bitcoin, is priced in U.S. dollars,” he added.
The Chicago Mercantile Exchange (CME) has launched its Bitcoin futures trading in 2017, joining CBOE as among the first exchanges to offer this new financial instrument.
The Political Trajectory of Cryptocurrencies in US Elections
Trump’s time as the 45th president of the United States began with his inauguration on January 20, 2017 and ended on January 20, 2021. According to Giancarlo, cryptocurrency was not a politicized issue in 2017. At the time, he and the other commissioners of the CFTC were “unified in support of regulatory innovation.”
But now, seven years later, cryptocurrencies are on the verge of becoming a political focal point in a presidential election for the first time.
Donald Trump’s change of heart on cryptocurrencies
Before becoming a proponent of cryptocurrencies, Trump expressed strong criticism in July 2019. He labeled them “not money” and criticized their volatility and lack of intrinsic value. Furthermore, he expressed concern about their potential use in criminal activities such as drug trafficking.
Some in the industry worry about Biden’s stance on cryptocurrencies, while others hope for favorable legislation under his administration. Charles Hoskinson, the founder of Cardano, criticized Biden for hampering the cryptocurrency industry, citing regulatory uncertainties. In contrast, Kyle Bligen of the House of Progress sees the potential for positive crypto laws if Biden is re-elected.
Under Biden, the SEC and CFTC have fought over jurisdiction of the cryptocurrency industry. Congress struggles with bipartisan legislation to resolve the issue. Meanwhile, courts are grappling with the question of whether digital assets should be considered commodities or securities.