President-elect Donald Trump is considering creating a special White House position to oversee cryptocurrency policy, according to a November 20 Bloomberg report. If implemented, it would be the first time the US administration has established a full-time role focused on digital assets at the White House level.
Trump’s transition team is consulting with industry executives to determine whether the position is necessary, and is reportedly vetting potential candidates. Meetings are reportedly being held at Trump’s Mar-a-Lago residence .
Industry advocates are pushing for the new cryptocurrency-focused role to report directly to the president, stressing its importance in shaping a favorable regulatory framework.
According to sources, the position is expected to lead a small team and act as an intermediary between the White House, Congress and regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Trump’s commitment to the cryptocurrency industry appears solid. Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks reportedly met with Trump on November 19 to discuss concerns about the industry.
The meeting comes at a time when Trump’s transition team is considering candidates for leadership positions at the CFTC, the key agency for regulating cryptocurrencies.
During his campaign, Trump pledged to end the SEC’s regulatory crackdown on the cryptocurrency industry and proposed the creation of a federal bitcoin reserve. His administration’s focus on cryptocurrency policy has sparked optimism in the industry as it anticipates a more favorable regulatory environment.
Trump’s team is also considering candidates with regulatory experience to head the CFTC. Among those being considered is Summer Mersinger, the current CFTC commissioner from the Republican Party, known for her cryptocurrency-friendly stance.
Mersinger has criticized the CFTC’s enforcement actions against cryptocurrency companies, describing them as “regulation by enforcement.” On the same day, Trump announced Cantor Fitzgerald CEO Howard Lutnick, a longtime cryptocurrency supporter, as his nominee for Secretary of Commerce.
Trump’s election win has already improved market sentiment in the cryptocurrency sector. Following Trump’s victory, Coinbase shares rose above $300 in November for the first time since 2021. Analysts believe that the new administration’s positive attitude toward cryptocurrencies may ease regulatory pressure.
“We think Coinbase will benefit from the election results as the company grapples with regulatory pressure from the SEC,” – Michael Miller, an equities researcher at Morningstar Inc. said in a Nov. 7 note. “As Donald Trump’s new administration is expected to be more favorable to the cryptocurrency industry, the company’s staking business will face less regulatory pressure.”
