As a seasoned analyst with a background in both traditional finance and emerging technologies, I find this development intriguing. Donald Trump’s potential creation of a White House post dedicated to cryptocurrency policy signifies a significant step forward for the crypto industry.
As an analyst, I find myself contemplating the possibility that President-elect Donald Trump might be pondering over the establishment of a novel position within the White House, exclusively focused on shaping and implementing cryptocurrency policy. This intriguing development was hinted at in a report by Bloomberg on November 20th.
Trump’s advisors are discussing with business leaders if a certain position is necessary, according to Bloomberg. Additionally, they are said to be evaluating possible contenders for the role, some of whom have been invited to Trump’s estate in Mar-a-Lago.
The role would be the first-ever crypto-specific White House post. It highlights the crypto industry’s prominent role in the Trump administration.
As a researcher examining the 2020 U.S. elections, I found that one of Trump’s strategies to win over cryptocurrency supporters was by positioning himself as an advocate for making America the global leader in the crypto sector and pledging to cease harsh regulatory actions against the industry.
According to Bloomberg’s reports, it remains undecided whether the proposed role will be within the White House staff or serve as a “crypto czar” coordinating policies across various federal departments. However, advocates from the cryptocurrency industry are urging for this position to have direct access to President Trump.
The individual is believed to be tasked with overseeing a modest team, acting as an intermediary between Trump, Congress, and multiple government departments such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
On November 19th, as reported by Bloomberg, it was noted that both Brian Armstrong, the CEO of Coinbase, and a former executive from Coinbase, Brian Brooks, had a meeting with then-President Trump.
Trump’s advisors are looking at potential candidates, both current and past members of the Commodity Futures Trading Commission (CFTC), for the role of leading the financial regulatory body.
Reportedly, Summer Mersinger, a GOP member of the Commodity Futures Trading Commission (CFTC) who advocates for a more lenient approach towards cryptocurrency, is being considered as a potential candidate for the position of CFTC chair.
Mersinger has voiced his disagreement with how the Commodity Futures Trading Commission (CFTC) manages enforcement actions towards cryptocurrency companies. He’s particularly critical of the CFTC for using “enforcement as regulation,” a practice where rules are set through the process of enforcing them instead of through formal rulemaking.
On November 19th, Donald Trump selected Howard Lutnick, the CEO of Cantor Fitzgerald, to serve as his Secretary of Commerce. Notably, Lutnick is an advocate for cryptocurrencies with a substantial history in this field.
In November, for the first time since 2021, the stocks of the cryptocurrency trading platform Coinbase exceeded $300, following Donald Trump’s victory in the U.S. presidential election on November 5th.
According to Michael Miller, an analyst at Morningstar Inc., Coinbase could potentially benefit from the election outcomes since the company has faced intense regulatory scrutiny from the SEC. Notably, Coinbase has been actively challenging the SEC in court.
As it’s anticipated that the upcoming Donald Trump administration may be supportive of the cryptocurrency sector, our staking business could encounter reduced regulatory scrutiny,” Miller stated.
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2024-11-20 22:54