30s Summary

President-elect Donald Trump is considering creating a new role in the White House focused on cryptocurrency strategies, with potential candidates already being identified. Trump’s campaign showed promise for the crypto industry, pledging to transform the US into a global crypto hub. The new role would aid in policy synchronization between federal organizations, and may involve liaising directly with Trump. The move is expected to benefit companies like Coinbase, which saw share prices surge following Trump’s election win. The role is a first in the White House, highlighting Trump’s commitment to the development and regulation of cryptocurrencies.

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Donald Trump, who’s due to step into the White House soon, is toying with the idea of setting up a position focused entirely on handling cryptocurrency strategies, as reported by Bloomberg on November 20.

Trump’s crew is having chats with industry bigwigs to figure out if such a role would be useful. They’re also beginning to cherry-pick potential candidates for the job, including at Trump’s Mar-a-Lago residence.

Should it come to fruition, it would be the first post in the White House that’s solely about cryptocurrencies. The crypto industry will thus take centre stage in Trump’s presidency.

Trump became a favourite among cryptocurrency enthusiasts when he pledged to transform America into the globe’s crypto hub and put a stop to any crackdowns on the industry.

There’s still some confusion about whether this person will be a permanent part of the White House team, or a “crypto guru” who syncs policies between federal organizations. But either way, cryptocurrency support groups are keen for the new role to liaise directly with Trump.

Whoever fills the role would probably manage a small team and play mediator between Trump, congress, and different U.S. federal agencies, such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Big names in the industry, like Brian Armstrong who heads up Coinbase, and Brian Brooks, formerly of Coinbase, had a meeting with Trump on November 19, says Bloomberg.

On the hunt to head up the financial regulatory agency, Trump’s team is checking out both current and former officials of the CFTC.

Summer Mersinger, a CFTC commissioner with Republican ties who’s tried to get a more flexible approach to crypto from the regulator, is in the running for the job, according to Reuters. Mersinger has lashed out against the CFTC’s methods of enforcement against cryptocurrency firms, condemning the agency’s way of “regulating through enforcement.”

November 19 saw Trump pick Cantor Fitzgerald’s CEO Howard Lutnick, a known supporter of cryptocurrencies, as his secretary of commerce.

Coinbase, a cryptocurrency exchange saw its shares skyrocket past $300 for the first time since 2021 when Trump won the presidential election on November 5.

Industry watcher Michale Miller says that Trump’s victory will relieve some of the stress Coinbase has been experiencing from the SEC in terms of regulation, which they’ve even had to fight in court. Therefore Trump’s presidency and its anticipated support of cryptocurrencies could be a boon for the firm’s staking business.