Trump Considers Creating First White House Crypto Post: Report
President-elect Donald Trump is considering creating a new White House post dedicated entirely to cryptocurrency policy, Bloomberg reported on November 20.
Trump's team is talking to industry executives to determine whether the role is necessary, Bloomberg said. They are also said to be investigating potential candidates, including Trump's residence in Mar-a-Lago.
The role will be the first crypto-specific White House post. It highlights the significant role of the crypto industry in the Trump administration.
Trump won over crypto voters by promising to make the US the “crypto capital of the world” and end regulatory measures against the industry.
Source: Bitcoin Historian
Related: Trump taps crypto-friendly CFTC chair: Report
It's unclear whether Bloomberg's role in coordinating policy among federal agencies will be a White House staff position or a “crypto czar,” but crypto industry advocates are pushing for the role to report directly to Trump.
The individual is expected to lead a small staff and mediate between Trump, Congress and various federal agencies, including the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Executives including Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks met with Trump on Nov. 19, according to Bloomberg.
Trump's transition team is considering appointing current and former CFTC officials to chair the financial regulatory agency.
Republican CFTC Commissioner Summer Merzinger is among those being considered by the agency's chairman, who have urged the regulator to take a more accommodating stance on crypto, Reuters reported.
Mersinger has opposed the CFTC's enforcement actions against crypto firms.
In the year November 19 Trump nominates Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary. Lutnick has a long track record as a proponent of cryptocurrency.
Cryptocurrency exchange Coinbase surpassed $300 in November for the first time since 2021 after Trump won the US presidential election on November 5.
Michael Miller, an equity analyst at Morningstar Inc., said: “As the company struggles with SEC regulatory pressure, we see Coinbase benefiting from the election results.” 7 research note.
“With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry, the company's stock trading will face less regulatory pressure,” Miller said.
Magazine: Terrorism and the Israel-Gaza War Are Armed to Destroy Crypto.
