According to the Washington Post (WP), the incoming Trump administration was exploring new crypto-friendly personnel and policies to fulfill its promise of transforming the U.S. into the crypto capital of the world. Its selection of potential appointees like Scott Bessent for key federal positions was preparing the U.S. government to adopt a more positive stance toward crypto.

Trump's statements related to cryptocurrencies gained huge support from the industry and started the crypto price's journey. $BTC to the moon, as the token nearly hit 89K on the evening of November 11. Initial discussions focused on key leadership positions for financial regulatory agencies, including the US SEC. In particular, WP revealed that Trump’s aides considered a mix of current regulators, financial industry executives, and former federal officials with pro-crypto views.

Trump's Cryptocurrency Ambitions Will Guide Pro-Crypto Cabinet Appointments

Trump’s Cabinet appointments were critical because the choices had profound implications for the global economy, and the stakes were high. Names under consideration for the U.S. SEC and other federal posts included a former agency commissioner, Daniel Gallagher, who is now working for Robinhood. Others mentioned by WP include two Republicans, Mark Uyeda and Hester Pierce, who are both U.S. SEC commissioners. Trump aides also had their sights set on former U.S. SEC commissioner Paul Atkins and a former CFTC commissioner, Chris Giancarlo.

According to WP, five people close to the matter, who insisted on anonymity, cautioned that the deliberations were still in their early stages. They pointed out that the candidate lists were constantly changing, but the agenda remained the same: pro-crypto government. Notably, Fox Business’ Eleanor Terrett noted that Trump’s consideration of billionaire hedge fund investor Scott Bessent for Treasury Secretary was very pro-Bitcoin.

“I’m excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay.”

~ Scott Bessent 

Bessent opined that cultivating a culture in the US where people believe in a system that works for them was the centerpiece of capitalism. He added that everything was on the table with Bitcoin, especially for young people with no prior experience in market participation(s).

Trump prepares for a crypto-fueled return to the Oval Office

Trump is reportedly surrounding himself with prominent pro-crypto supporters like Elon Musk and Howard Lutnick in preparation for his return to the White House. Trump is also reportedly in close relationships with cryptocurrency moguls like Kraken's Santori and Nashville crypto conference host David Bailey.

Ripple’s Brad Garlinghouse said that the crypto space was definitely an area that the Trump administration intended to continue focusing on. Trump transition spokeswoman Karoline Leavitt stated that the American people had re-elected Trump to deliver on his crypto promises, and early signs showed a drastic shift in the way Washington approached crypto.

According to WP, some industry executives explained that they were primarily seeking regulatory clarity, as Congress under the Biden administration has failed to pass comprehensive crypto governance laws. Executives were particularly interested in rules that would determine when cryptocurrency was a security or a currency, what protections applied, and which agency would regulate the industry and its offerings.