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Incoming president Donald Trump is all in on cryptocurrency, and now his team is contemplating whether or not to create a new White House role around it.
Trump’s team is already vetting candidates, but it’s not a definite slamdunk that the role would come to fruition. However, if the team were to go through with it, it’d be the first in the White House.
Originally reported in Bloomberg, those within the crypto industry are pushing for its creation to provide better access to Trump himself. The president-elect has been courted by the digital currency industry, appearing at a Bitcoin conference in July and holding multiple meetings over the summer.
This new role would act as the go-between for not only the sought-after Trump connection but also government bodies as well. According to the report, Trump’s appointed crypto-czar would also be involved with the Securities and Exchange Commission (SEC) and its small team.
Trump is taking a new approach to cryptocurrency, as in 2019 during his first term he claimed he wasn’t “a fan of Bitcoin and other Cryptocurrencies”. His newfound love of the technology has seen the price skyrocket, as at the time of writing Bitcoin (BTC) is nearing the coveted $100,000 price mark.
By inserting a new crypto-focused role at the White House, it could see the price of Bitcoin rise again.
🇺🇸 Donald Trump said “#Bitcoin and crypto will skyrocket like never before, even beyond your expectations.”
— Bitcoin Magazine (@BitcoinMagazine) November 16, 2024
Trump and Crypto vs the SEC
Another part of Trump’s plan, once he takes over, is to fire SEC chair, Gary Gensler. The crypto-skeptic has taken the industry to task and tallied up a reported cost of $429 million in legal fees. He has also repeatedly said that he doesn’t view cryptocurrencies as a financial asset, or security.
One person lined up to take over the role is Brian Brooks, a former Coinbase and Binance US executive, as Trump seeks to place more crypto-friendly staff in the SEC.
However, the incoming Trump administration’s crypto goals could be furthered by the appointment of a new Senate leader, John Thune. The crypto industry has some renewed hopes, as Thune’s track record has been pro-crypto.
Featured image: Wikicommons (Trump, White House), Bitcoin.org
