President-elect Donald Trump is considering establishing the first dedicated cryptocurrency position at the White House, marking a strategic move to boost the U.S. as the 'cryptocurrency capital of the world.'
According to Bloomberg's report on November 20, Trump's transition team is actively discussing the establishment of a new position at the White House, focusing entirely on cryptocurrency policy. This move is seen as unprecedented, reflecting the growing importance of the sector in the context of global financial technology.
The emergence of the 'dedicated cryptocurrency' position at the White House is not only a strong political statement from the new administration but also a positive signal for the cryptocurrency community. This is expected to foster development and innovation in the sector while shaping a clearer legal framework for the cryptocurrency market in the U.S.
According to Bloomberg sources, the transition team is screening potential candidates, which includes meetings at Trump's Mar-a-Lago resort. Potential candidates include leaders from the cryptocurrency industry to ensure that the selected individual has the necessary knowledge and experience to lead the country's cryptocurrency policy.
Influence on cryptocurrency policy
The appointment of a dedicated cryptocurrency position signals a significant shift in the U.S. government's approach to the sector. In the past, regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) often had a cautious and sometimes tough stance on cryptocurrency.
However, with Trump's commitment to making the U.S. the 'cryptocurrency capital of the world,' the cryptocurrency community expects a more open and favorable legal environment. The dedicated cryptocurrency position will play a crucial role as a bridge between the President, Congress, and federal agencies, ensuring close coordination in the development and implementation of policies.
This position is also expected to help resolve disagreements and conflicts between regulatory agencies. The lack of clarity in the legal framework has created many difficulties for businesses operating in the cryptocurrency sector. The dedicated cryptocurrency position will be tasked with coordinating and unifying regulations, creating a level playing field and transparency for all participants.
The meeting between Trump and top executives in the industry, including Coinbase CEO Brian Armstrong and former Coinbase director Brian Brooks on November 19, further reinforces speculation about upcoming changes in cryptocurrency policy. At the same time, Trump's appointment of Howard Lutnick, CEO of Cantor Fitzgerald and a long-time cryptocurrency supporter, as Secretary of Commerce is also viewed as a positive signal.
Source: The Bitcoin Historian
The impact of these moves has been clearly reflected in the market. Shares of the cryptocurrency exchange Coinbase skyrocketed to over $300 in November, the first time since 2021, following Trump's victory.
According to Michale Miller, a stock researcher at Morningstar, Coinbase is seen as one of the biggest beneficiaries of the election results, as the company faces legal pressure from the SEC. Under the new administration, Coinbase's operations are expected to face less legal pressure, opening up opportunities for stronger growth.
