President-elect Donald Trump’s transition team is considering creating the first-ever White House role dedicated to cryptocurrency policy, signaling a potential shift in the U.S. government’s approach to digital assets.
What Happened: The Trump transition team is evaluating candidates for a role that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.
Bloomberg reported on Wednesday that while the exact nature of the position remains unclear, industry advocates are pushing for direct access to Trump.
The creation of this position aligns with Trump's campaign promises to overhaul crypto regulation, including replacing SEC Chair Gary Gensler and forming a new crypto advisory council.
Key industry players are already vying for influence.
Brian Brooks, a former executive at Coinbase and Binance.US, met with Trump at Mar-a-Lago, while Coinbase CEO Brian Armstrong reportedly held discussions with the president-elect this week.
Also Read: A Hedge Fund Hit Big On Trump’s Rumored Crypto Acquisition And Could Be Up $14.15 Million
Why It Matters: Trump's connection to the crypto industry runs deep.
During his campaign, he promised substantial reforms and frequently engaged with Bitcoin mining firms and exchange executives.
In July, he even addressed a Bitcoin conference, further solidifying his interest in the sector by stating he will U.S. the crypto capital of the planet.
Beyond policy, Trump has made personal forays into the crypto space, including the release of his fourth NFT collection.
His media venture, Trump Media & Technology Group, has also expressed interest in acquiring Bakkt Holdings, a company specializing in crypto custody and trading.
Meanwhile, private equity billionaire Marc Rowan, a potential Treasury Secretary pick, admitted limited expertise in crypto's role within the U.S. financial system, indicating the potential significance of a dedicated crypto-focused role.
Read Next:
Image: Shuterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
