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Trump Team Considers Creating Historic White House Crypto Role

21.11.2024
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President-elect Donald Trump is exploring the creation of a dedicated White House position to oversee crypto policy, according to a November 20 Bloomberg report.

If implemented, this would mark the first time a U.S. administration has established a full-time role centered on digital assets at the White House level.

Trump’s White House Crypto Role: Will It Redefine Federal Regulations?

Trump’s transition team is consulting with industry executives to determine whether the position is necessary and is reportedly vetting potential candidates. The meetings are reportedly taking place at Trump’s Mar-a-Lago residence.

Trump Team Mulls Creating First-Ever White House Crypto Role
Trump’s Aides Vetting for Crypto Post, People Familiar Say

— Fofty Pawlow (@FoftyPawlow) November 20, 2024

Advocates within the industry are pushing for the new crypto-focused role to report directly to the president, emphasizing its importance in shaping favorable regulatory frameworks.

According to sources, the position is expected to direct a small team and mediate between the White House, Congress, and regulatory agencies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Trump’s engagement with the crypto industry appears robust. Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks reportedly met with Trump on November 19 to discuss industry concerns.

The meeting comes as Trump’s transition team considers candidates for leadership positions at the CFTC, a key agency in cryptocurrency regulation.

During his campaign, Trump pledged to end the SEC’s regulatory crackdown on the crypto industry and proposed establishing a federal Bitcoin reserve. His administration’s focus on crypto policy has sparked optimism within the industry, as it anticipates a more favorable regulatory environment.

Crypto Regulations Eased? Trump’s Pro-Crypto Team Signals Market Boos

Trump’s team is also considering candidates with regulatory experience to head the CFTC.

Among those considered is Summer Mersinger, a current Republican CFTC commissioner known for her crypto-friendly stance. Mersinger has criticized the CFTC’s enforcement actions against crypto firms, describing them as “regulation through enforcement.”

The same day, Trump announced Cantor Fitzgerald CEO Howard Lutnick, a longtime cryptocurrency advocate, as his pick for Secretary of Commerce.

Trump’s election win has already boosted market sentiment within the crypto sector.

After Trump’s victory, Coinbase shares surged past $300 in November for the first time since 2021. Analysts believe the incoming administration’s favorable outlook on cryptocurrency could ease regulatory pressures.

“We see Coinbase as a beneficiary of the election results as the firm has been struggling with regulatory pressure from the SEC,” said Michael Miller, an equities researcher at Morningstar Inc., in a November 7 note. “With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry, the firm’s staking business will face less regulatory pressure.”

The post Trump Team Considers Creating Historic White House Crypto Role appeared first on Cryptonews.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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