⚡︎ OVER 3,000 OFFERS CLAIMED! ⚡︎

President-elect Donald Trump is exploring the creation of a dedicated White House position to oversee crypto policy, according to a November 20 Bloomberg report.

If implemented, this would mark the first time a U.S. administration has established a full-time role centered on digital assets at the White House level.

Trump’s White House Crypto Role: Will It Redefine Federal Regulations?

Trump’s transition team is consulting with industry executives to determine whether the position is necessary and is reportedly vetting potential candidates. The meetings are reportedly taking place at Trump’s Mar-a-Lago residence.

Advocates within the industry are pushing for the new crypto-focused role to report directly to the president, emphasizing its importance in shaping favorable regulatory frameworks.

According to sources, the position is expected to direct a small team and mediate between the White House, Congress, and regulatory agencies such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Trump’s engagement with the crypto industry appears robust. Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks reportedly met with Trump on November 19 to discuss industry concerns.

The meeting comes as Trump’s transition team considers candidates for leadership positions at the CFTC, a key agency in cryptocurrency regulation.

During his campaign, Trump pledged to end the SEC’s regulatory crackdown on the crypto industry and proposed establishing a federal Bitcoin reserve. His administration’s focus on crypto policy has sparked optimism within the industry, as it anticipates a more favorable regulatory environment.

Crypto Regulations Eased? Trump’s Pro-Crypto Team Signals Market Boos

Trump’s team is also considering candidates with regulatory experience to head the CFTC.

Among those considered is Summer Mersinger, a current Republican CFTC commissioner known for her crypto-friendly stance. Mersinger has criticized the CFTC’s enforcement actions against crypto firms, describing them as “regulation through enforcement.”

The same day, Trump announced Cantor Fitzgerald CEO Howard Lutnick, a longtime cryptocurrency advocate, as his pick for Secretary of Commerce.

Trump’s election win has already boosted market sentiment within the crypto sector.

After Trump’s victory, Coinbase shares surged past $300 in November for the first time since 2021. Analysts believe the incoming administration’s favorable outlook on cryptocurrency could ease regulatory pressures.

“We see Coinbase as a beneficiary of the election results as the firm has been struggling with regulatory pressure from the SEC,” said Michael Miller, an equities researcher at Morningstar Inc., in a November 7 note. “With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry, the firm’s staking business will face less regulatory pressure.”

The post Trump Team Considers Creating Historic White House Crypto Role appeared first on Cryptonews.

Leave a Reply

Your email address will not be published. Required fields are marked *

Responsible Gaming

Gambling can turn into an addiction and that’s why you should always make use of the responsible gambling tools made available to you by online operators to help you stay in control of the time and expenditure you invest in online gaming. By law, online operators licensed by the Gambling Commission of Great Britain must provide you with information about responsible gambling and it is their responsibility to create a legal, fair and reliable environment, where players can enjoy the thrill of an online casino. The Gambling Commission of Great Britain licenses and regulates businesses that offer gambling to persons in Great Britain. Our mission is to provide you with only the best online slots experience and that means only reviewing and recommending sites that are licensed to operate by the Gambling Commission.