Trump reportedly considers establishing the first White House crypto role.
President-elect Donald Trump is reportedly considering establishing a specialized White House role focused on cryptocurrency policy, Bloomberg reported on Nov. 20. If established, this would be the first crypto-specific role at the White House, potentially reporting directly to Trump.
Trump's team is consulting industry executives to assess the need for such a position and is said to be vetting candidates, including at Trump’s Mar-a-Lago residence. The move underscores the growing significance of the crypto sector in Trump’s administration.
During his campaign, Trump gained significant backing from crypto supporters by pledging to make America the “world’s crypto capital” and to put an end to regulatory crackdowns on the industry.
Bloomberg notes it remains uncertain whether the role would be a White House staff position or a “crypto czar” tasked with coordinating policy across federal agencies. Advocates within the industry are reportedly urging the position to report directly to Trump.
The appointee is expected to lead a small team and act as a liaison between Trump, Congress, and federal agencies such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
On Nov. 19, Trump met with industry leaders, including Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks, Bloomberg reported.
Additionally, Trump’s transition team is considering current and former CFTC officials to lead the financial regulatory agency. Among them is Republican CFTC Commissioner Summer Mersinger, known for advocating a more crypto-friendly regulatory approach. Mersinger has been critical of the CFTC's enforcement actions against crypto firms, which she described as “regulation through enforcement,” according to Reuters.
In another key appointment, Trump selected Cantor Fitzgerald CEO Howard Lutnick, a cryptocurrency advocate, as his secretary of commerce on Nov. 19.
The news has had a positive impact on the market. Shares of Coinbase surged above $300 in November for the first time since 2021, following Trump’s election victory on Nov. 5.
Michale Miller, an equities researcher at Morningstar, stated in a Nov. 7 note that Coinbase stands to benefit from the election outcome, as Trump’s administration is expected to take a more crypto-friendly stance. Miller noted this could ease regulatory pressure on Coinbase’s staking business, which has faced challenges from the SEC.
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