Boost

Brian

<p>In the lead-up to President-elect Donald Trump’s inauguration, his transition team has reportedly opened discussions with the digital asset industry about creating a new White House position specifically focused on cryptocurrency policy, per <a href="https://www.reuters.com/world/us/trump-team-weighs-creating-first-ever-white-house-crypto-role-bloomberg-news-2024-11-20/">Reuters</a>. This role, if created, would be the first of its kind.</p>
<h3 id="strong-a-new-crypto-specific-role-in-the-white-house-strong"><strong>A New Crypto-Specific Role in the White House</strong></h3>
<p>The position would reportedly serve as a bridge between the administration, Congress, and regulatory bodies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).</p>
<p>The role is expected to involve coordination of policy across various federal agencies that have a hand in crypto regulation. Industry insiders are pushing for this position to have direct access to President Trump, allowing it to influence key decisions on the regulatory front.</p>
<p>At this stage, it remains unclear whether the new role would be an official senior White House staff position or something akin to a "crypto czar"—a term used to describe a central figure responsible for managing crypto-related policies across the government. The details of the role's structure are still being debated, but the focus is on ensuring that the appointed individual has the power to shape crypto policy at the highest levels.</p>
<h3 id="strong-trump-s-crypto-support-what-the-industry-can-expect-strong"><strong>Trump’s Crypto Support: What the Industry Can Expect</strong></h3>
<p>President-elect Trump has been vocal in his support for the cryptocurrency industry, a sentiment that has been reflected in his campaign promises. During his election run, Trump pledged to dismiss SEC Chair Gary Gensler, a figure seen as less favorable toward the crypto market, and to establish a presidential advisory council focused on cryptocurrency.</p>
<p>In recent months, Trump has engaged with major players in the crypto sector, including possible meeting with Coinbase CEO Brian Armstrong and various Bitcoin mining companies. These interactions have further fueled speculation about the role that the crypto industry will play in the incoming administration.</p>
<p>Trump has also reportedly met with several influential figures in the crypto space, including Brian Brooks, the former CEO of Binance US and former legal head at Coinbase. Brooks is among those said to be considered for a top role at the SEC.</p>
<h3 id="strong-the-market-sentiment-boost-from-washington-s-crypto-stance-strong"><strong>The Market Sentiment Boost from Washington’s Crypto Stance</strong></h3>
<p>The discussions surrounding a White House crypto role come at a time when the digital asset market is experiencing significant growth. Bitcoin, for instance, has reached new highs, with its price recently soaring to <a href="https://coinmarketcap.com/currencies/bitcoin/">$97,500</a>, prompting renewed speculation about its potential to hit the $100,000 mark in the near future. The broader crypto market has also seen gains, with a surge of around $900 billion since Trump’s victory in November 2024.</p>
<p>MicroStrategy, a business intelligence firm that has become one of the largest corporate holders of Bitcoin, has ramped up its Bitcoin purchases. The company announced plans to increase its issuance of convertible senior notes by 50%, amounting to $2.6 billion, with the funds earmarked for further Bitcoin acquisitions.&nbsp;</p>
<h3 id="strong-challenges-ahead-for-crypto-advocacy-strong"><strong>Challenges Ahead for Crypto Advocacy</strong></h3>
<p>Despite the optimism, significant hurdles remain for the crypto industry in Washington. Critics argue that scaling back regulation could expose retail investors to greater risk and lead to increased market instability. Some even warn that a relaxed approach to enforcement might encourage fraud and manipulation within the digital asset space.</p>
<p>Regulators have historically been wary of the crypto industry, viewing it as a potentially risky market for investors due to its volatility and association with illegal activities. While much remains to be decided, the fact that Trump’s transition team is engaging with crypto leaders suggests that digital assets could play a significant role in U.S. financial policy under his leadership.</p>

Trump’s Team Discusses Potential White House Crypto Role Amid Growing Industry Influence

Table of Contents

BSCN

Other articles published on Dec 5, 2024

South Korea’s financial watchdog denies plans to publish a corporate crypto roadmap by 2024’s end

Mt. Gox Moves 27,000 BTC as Bitcoin Hits New Highs: Should You Be Worried?

Toncoin Funding Rates Rally To 3-Month Highs, Bulls Encounter Resistance

Ceffu and EOS Partner for CeDeFi Solutions

Bybit P2P Enters Holiday Season with Festive Rewards (5 Dec)

Meta turns to nuclear energy to power its AI data centers

Join our free newsletter for daily crypto updates!