President-elect Donald Trump is all in on the crypto space. In addition to discussing pro-crypto appointments with Coinbase CEO Brian Armstrong, his social media company, Trump Media, is also in talks to acquire crypto exchange Bakkt.
Bakkt's stock price has skyrocketed since those talks, and Armstrong previously recommended that Trump nominate "Crypto Mom" Hester Peirce as the new SEC chair.
Trump, Bakkt and Armstrong
Trump Media, the president-elect’s social media and technology company, is currently in talks to acquire Bakkt, a crypto exchange. Bakkt’s prominence in the industry peaked years ago, and it was later described as a “fringe player in the space.” Earlier this year, it publicly considered options for a sale or spinoff. Since that offer, however, its stock price has soared.
Bakkt Stock Price Increase. Source: Google Finance
While Donald Trump is seeking a sweeping set of pro-crypto changes to U.S. institutions, these moves fall under the umbrella of his political career. As a businessman and private citizen, his interest has not extended to crypto investments since the lackluster pre-sale of World Liberty Financial (WLFI). A Bakkt purchase could bring Trump new interests in the sector.
However, the crypto exchange world is also touching on its political perspective at the same time. Specifically, Brian Armstrong, CEO and founder of Coinbase, is also meeting with the president-elect today. Armstrong and Trump are reportedly discussing personnel appointments for the incoming administration.
A clear industry insider, Armstrong has a direct interest in favorable political outcomes for crypto. During the election cycle, Coinbase spent tens of millions boosting pro-crypto candidates at various levels. Since Trump's victory, Armstrong has made several supportive comments, praising the D.O.G.E. of Elon Musk and suggesting a new post-Gensler SEC chairman.
Hester Peirce would be the best choice. Intelligent, fair, professional. Can work with both sides, Armstrong said.
Known as “Crypto Mom”, Hester Peirce is one of five current SEC commissioners, and one of two appointed by Trump. Gensler's imminent departure has triggered a wave of speculation in the prediction market about who will succeed him. If Armstrong has not changed his opinion since he originally recommended it, these conversations could substantially improve Peirce's chances.
The article Trump negotiates purchase of Bakkt exchange; shares soar was first seen on BeInCrypto Brasil.