Emily Walker
A Bloomberg article reveals that President-elect Donald Trump’s transition team is considering creating a new White House role specifically focused on cryptocurrency policy.
This move comes amid rising discussions around appointing pro-cryptocurrency individuals to significant positions in the upcoming administration, as Trump has shown support for digital currencies throughout his presidential campaign.
Trump’s Vision for Cryptocurrency
According to the report, insiders involved in the transition process suggest that Trump’s team is reviewing candidates for this novel position, which would be the first dedicated to cryptocurrency within the White House framework.
However, it remains unclear whether this role will serve as a senior advisory position or as a “crypto czar” who will oversee federal regulations and policies concerning digital assets.
Proponents from the crypto industry are advocating for this new role to maintain direct communication with Trump, underlining the necessity of having a prominent voice in the administration to advocate for the interests of digital assets.
Throughout his campaign, Trump made efforts to connect with the crypto community and committed to adopting a more favorable approach towards the industry. This may facilitate broader acceptance and authorization of diverse investment opportunities beyond just Bitcoin and Ethereum.
Additionally, the President-elect has shown intent to replace current SEC Chairman Gary Gensler, known for stringent regulatory actions, and plans to establish a new presidential advisory council focused on digital assets.
Interestingly, Bloomberg noted that unnamed industry representatives are currently positioning themselves for potential roles on this upcoming council.
Engagement with Industry Leaders
Conversations surrounding the proposed crypto position have included thoughts on appointing a leader for a small team that would connect Congress, the White House, and agencies like the SEC and the Commodity Futures Trading Commission (CFTC).
This role would be pivotal in influencing cryptocurrency policies and improving communication across various governmental bodies. Nonetheless, there has been no official update or comments from the transition team of the incoming President.
Trump’s involvement with the digital asset industry has entailed several meetings with executives from Bitcoin mining firms and cryptocurrency exchanges, along with a speech at the National Bitcoin Conference in July.
Moreover, Bloomberg reported that crypto advocates have recently visited Trump’s Mar-a-Lago estate for interviews and staff discussions.
Among those who met with Trump was Brian Brooks, a former leader at Coinbase and Binance.US, who is being considered for the role of SEC chair.
Additionally, Bitrabo mentioned that Coinbase’s CEO, Brian Armstrong, had conversations with Trump this week, indicating the administration’s engagement with key figures in the cryptocurrency space.
Image credit: DALL-E, chart by TradingView.com