President-elect Donald Trump is reportedly exploring the creation of a dedicated White House position to oversee cryptocurrency policy, according to a Bloomberg report published on Nov. 20.
Discussions are said to be underway with industry leaders to evaluate the necessity of such a role, and potential candidates are being vetted, with meetings reportedly taking place at Trump’s Mar-a-Lago estate.
If established, this would mark the first White House position specifically focused on cryptocurrency, reflecting the growing importance of the crypto sector under Trump’s administration.
During his campaign, Trump garnered significant support from crypto enthusiasts by pledging to position the United States as the global hub for cryptocurrency and to ease regulatory scrutiny on the industry.
Scope of the Role
While details remain unclear, Bloomberg notes that the position could either be part of the White House staff or act as a “crypto czar” to coordinate policy across federal agencies. Advocates within the crypto industry are pushing for the role to report directly to the president.
The individual selected would likely oversee a small team and serve as a liaison between the White House, Congress, and federal agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Industry Engagement
Notable figures, including Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks, reportedly met with Trump on Nov. 19 to discuss crypto-related matters.
Additionally, Trump’s transition team is said to be considering current and former CFTC officials for leadership roles within the agency. Summer Mersinger, a current Republican CFTC commissioner known for advocating a more lenient regulatory approach to cryptocurrency, is among the names being floated for the position of chair. Mersinger has criticized the CFTC’s enforcement-focused approach, describing it as “regulation through enforcement.”
Crypto Advocates in the Administration
Trump has already made moves that signal a pro-crypto stance. On Nov. 19, he selected Howard Lutnick, CEO of Cantor Fitzgerald and a known cryptocurrency supporter, to serve as Secretary of Commerce.
Market Response
The crypto market has responded positively to Trump’s election victory. Shares of Coinbase, one of the largest cryptocurrency exchanges, surged past $300 in November for the first time since 2021.
According to Michael Miller, an equities analyst at Morningstar, Trump’s presidency could ease regulatory pressures on the crypto industry, benefiting companies like Coinbase that have been battling with the SEC.
“With Trump’s administration expected to adopt a friendlier stance toward cryptocurrency, firms involved in staking and other blockchain-based activities may face less regulatory uncertainty,” Miller stated in a Nov. 7 research note.
As Trump prepares to assume office, his administration’s evolving approach to cryptocurrency policy will likely remain a focal point for both the industry and its advocates.
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