Former President Donald Trump has earned the moniker of “America’s first crypto president,” a title bestowed upon him by Chris Giancarlo, a former CFTC commissioner, since his first year in office in 2017. Giancarlo attributed this designation to Trump’s administration approving the introduction of Bitcoin futures contracts during its tenure.
Speaking at a crypto policy event in Washington DC, Giancarlo highlighted Trump’s purported longstanding association with the crypto industry, as reported by Fox Business. These remarks follow Trump’s recent pledge to cease hostility toward cryptocurrencies if re-elected.
Giancarlo stated, “In addition to announcing he’s now ‘good with it’ — crypto, that is — Trump may justifiably claim to be ‘America’s first crypto president.’ That is because of the launch of regulated Bitcoin futures in the first year of the Trump presidency.”
He further emphasized, “The enduring success of that regulated futures marketplace has helped ensure that the world’s first digital commodity — Bitcoin — is priced in US dollars.”
The Chicago Mercantile Exchange (CME) initiated Bitcoin futures trading in 2017, joining CBOE as one of the first exchanges to offer this financial instrument.
Crypto’s Emergence in US Politics
According to Giancarlo, cryptocurrency was not a politically charged issue in 2017. At that time, he and other CFTC commissioners were collectively supportive of regulatory innovation.
However, seven years later, crypto is poised to become a central political topic for the first time in a presidential election.
Trump’s Shifting Stance on Crypto
Prior to championing crypto, Trump voiced strong criticism in July 2019, dismissing them as “not money” and condemning their volatility and perceived lack of inherent value. He also expressed concerns about their potential involvement in illicit activities such as drug trafficking.
In the crypto industry, opinions are divided on President Biden’s approach to cryptocurrencies. Charles Hoskinson, founder of Cardano, criticized Biden for impeding crypto industry progress, citing regulatory uncertainties. Conversely, Kyle Bligen from the Chamber of Progress sees potential for positive crypto legislation if Biden secures re-election.
Under Biden’s administration, the SEC and the CFTC have grappled over jurisdiction concerning the crypto industry. Congress faces challenges in drafting bipartisan legislation to address this issue, while courts navigate whether digital assets should be classified as commodities or securities.
