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- Dubbed a “crypto czar,” the position would coordinate policies across federal agencies like the SEC and CFTC under the Donald Trump administration.
- This move reflects Trump’s campaign promises to support the crypto industry and streamline regulatory oversight.
Donald Trump’s transition team is reportedly considering the appointment of a specific White House position focused on cryptocurrency regulation, according to people with knowledge of the matter. The position, which would be the first of its kind, is still under discussion and none has been announced, reports reveal.
Donald Trump’s White House Shake-Up for Crypto Regulation
He might also serve as a focal point of coordination for crypto regulation and policy within federal agencies. According to various reports, the administration is already vetting applicants for this position. Moreover, some advocates in the digital asset space have argued that such an official should be appointed to directly report to Trump.
“There’s talk about creating a senior position or a ‘crypto czar’ to coordinate efforts across agencies like the SEC and CFTC,” said a source. But it’s uncertain if the administration will go ahead and establish such a position. Meanwhile, the Trump transition team has been silent on the deliberations.
Moreover, it’s important to note that the president-elect has vocally been a supporter of the crypto industry throughout the campaign. In addition, Trump has promised regulatory reform and signaled his intentions to replace Securities and Exchange Commission Chair Gary Gensler. Recently, Donald Trump also appointed Bitcoin advocate Howard Lutnick for the commerce roles, reported CNF.
Further, advocates in the crypto community are also seeking appointments to a proposed presidential advisory council for digital assets. Hence, Trump’s campaign commitments to reducing regulatory burdens have created immense interest in shaping crypto policy within his administration, one person briefed on the discussions explained.
Trump met extensively with the crypto industry during his campaign, holding meetings with executives from Bitcoin mining firms and crypto exchanges this summer. He also spoke at a major Bitcoin conference in July. Recently, in some key discussion, the president-elect also met Ripple CEO Brad Garlinghouse, per the CNF report.
Further illustrating his investment in the area, Donald Trump recently published his fourth collection of nonfungible tokens. Also, he announced a venture called World Liberty Financial, although details about the latter remain scarce.
Potential Candidates For ‘Crypto Czar’
According to reports, candidates for the potential crypto role may direct a small team and serve as a liaison between Congress, federal agencies, and the White House on matters concerning cryptocurrencies. Crypto enthusiasts see this as an opportunity through which they can streamline their communication and hopefully influence the policy direction. This could also push the US closer to having a strategic Bitcoin reserve, per the CNF report.
In recent days, crypto industry representatives have visited Donald Trump’s private Mar-a-Lago club, where personnel discussions are underway. Former executives from major firms, including exchanges like Coinbase and Binance.US, have reportedly been involved.
According to sources, Brian Brooks, a former Coinbase Global Inc. and Binance.US executive, met Trump in private on Tuesday. There have also been rumors he is being considered for SEC chair. Moreover, Coinbase Global CEO Brian Armstrong reportedly met the president-elect earlier this week as well.
However, a spokesperson for Coinbase declined to comment on Armstrong’s meeting with Trump, according to a Bloomberg report. Meanwhile, Cardano founder Charles Hoskinson has shown his support for Armstrong bagging the White House role. He believes that no one else can represent the crypto industry like the Coinbase CEO would.
