Trump Administration Considering Creating First White House Crypto Policy Role
The President-elect’s transition team is exploring the possibility of establishing a dedicated White House role focused solely on cryptocurrency policy, according to a report from Bloomberg News. This move could mark a significant shift in the government’s approach to the crypto industry.
Key Points:
- Transition team vetting candidates for the role
- Potential responsibilities include liaising with Congress and regulatory agencies
- Uncertainty over the nature of the position – senior-level staff or broader “crypto czar”
Closed-Door Meetings at Mar-a-Lago
In recent days, Trump’s Mar-a-Lago estate has become a focal point for crypto lobbying efforts. Transition team officials have been conducting interviews with potential candidates, including former high-profile crypto executives.
Notable individuals like Brian Brooks, a former Coinbase and Binance.US executive, have been in discussions with the President-elect. Brooks is being considered for a potential role as the SEC chair under the new administration.
Kraken CEO Jesse Powell has also shown support for Brooks’ nomination as the new SEC Chair. Industry advocates are pushing for the White House crypto role to have a direct line of influence to Trump, signaling a closer relationship between the government and the crypto industry.
Potential Challenges Ahead
Despite the positive reception from crypto advocates, there are challenges ahead for the proposed White House crypto role. Regulators remain cautious about the industry’s risks to retail investors and have concerns about market instability and fraud.
However, the Trump administration’s support for crypto initiatives has energized industry advocates, who see this as an opportunity to solidify their position in federal policy. The potential creation of this new role reflects the growing importance of the crypto industry in economic and political discussions in the US.
