According to a November 20 report from Bloomberg, President-elect Donald Trump is considering establishing a dedicated position at the White House to oversee cryptocurrency policy. If implemented, this would be the first time a U.S. administration has established a full-time role focused on digital assets at the White House level.
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Trump's transition team is consulting with industry executives to determine whether this position is necessary and is reportedly vetting potential candidates. Meetings are said to be taking place at Trump's Mar-a-Lago estate.
Industry supporters are pushing for a new role focused on cryptocurrency to report directly to the president, emphasizing its importance in shaping a favorable regulatory framework.
According to sources, this 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 the Commodity Futures Trading Commission (CFTC).
Trump's involvement in the cryptocurrency industry appears strong. Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks reportedly met with Trump on November 19 to discuss industry concerns.
The meeting took place as Trump's transition team is reviewing candidates for leadership positions at the CFTC, an important agency in cryptocurrency regulation.
During his campaign, Trump pledged to end the SEC's regulatory crackdown on the cryptocurrency industry and proposed the establishment of a federal Bitcoin reserve. His administration's focus on cryptocurrency policy has sparked optimism in the industry, as they anticipate a more favorable regulatory environment.
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Trump's team is also considering candidates with management experience to lead the CFTC.
Among those being considered is Summer Mersinger, a current Republican CFTC commissioner known for her pro-cryptocurrency stance. Mersinger has criticized the CFTC's enforcement actions against cryptocurrency companies, describing them as 'regulation by enforcement.'
On the same day, Trump announced that CEO of Cantor Fitzgerald, Howard Lutnick, a long-time cryptocurrency supporter, is his candidate for Secretary of Commerce.
Trump's election victory boosted market sentiment in the cryptocurrency sector.
Following Trump's victory, Coinbase shares surged to over $300 in November for the first time since 2021. Analysts believe that the new administration's favorable outlook on cryptocurrency could ease regulatory pressure.
"We see Coinbase as a beneficiary of the election outcome as the company has been struggling with regulatory pressure from the SEC," said Michael Miller, an equity researcher at Morningstar Inc., in a note on November 7. "With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry, the company's staking operations will face less regulatory pressure."
