According to a Bloomberg report, President-elect Donald Trump’s transition team is considering the establishment of a new White House position dedicated exclusively to crypto policy.
This development coincides with growing speculation about the inclusion of pro-crypto leaders in key positions within the new administration, as Trump’s advocacy for digital assets has been evident during his presidential campaign.
Trump’s Plan To Reshape Crypto Policy
Per the report, sources familiar with the transition efforts indicate that Trump’s team is actively vetting candidates for this unprecedented role, which would mark the first time a position focused solely on crypto has been created in the White House.
However, Bloomberg notes that the exact nature of the position, whether it will be a senior staff role or a “crypto czar” overseeing federal policy and regulation, remains uncertain.
Advocates within the industry are pushing for the new role to maintain a direct line of communication with Trump, emphasizing the importance of having a strong voice in the administration to represent digital asset interests.
During his campaign, Trump actively engaged with the crypto community and promised to take a more favorable stance towards the industry, which could lead to further adoption and approval of new investment vehicles beyond Bitcoin and Ethereum.
The President-elect has also expressed intentions to remove current Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has a record of regulation through enforcement, and to create a new presidential advisory council focused on digital asset.
Interestingly, Bloomberg revealed on Wednesday that industry representatives, whose names were not disclosed, are currently positioning themselves for potential roles on this council.
Meetings With Industry Leaders
Discussions about the proposed crypto role have included consideration of appointing an individual to lead a small staff that would serve as a link between Congress, the White House, and regulatory agencies such as the SEC and the Commodity Futures Trading Commission (CFTC).
This position would reportedly play a critical role in shaping cryptocurrency policy and fostering communication between different government agencies. Yet, there has been no further information on the matter or official statements from the transition team of the 47th President of the United States.
Trump’s engagement with the digital asset sector has included multiple meetings with executives from Bitcoin mining companies and cryptocurrency exchanges, as well as a speech at the National Bitcoin conference in July.
Bloomberg also disclosed that in recent days, crypto allies have visited Trump’s Mar-a-Lago resort, where transition team members are conducting interviews and personnel discussions.
Among those allegedly meeting with Trump was Brian Brooks, a former executive at Coinbase and Binance.US, who is also being considered for the SEC chair position.
Additionally, Bitcoinist reported that Brian Armstrong, CEO of Coinbase, spoke with Trump this week, underscoring the administration’s outreach to leading figures in the digital asset market.
Featured image from DALL-E, chart from TradingView.com