President-elect Donald Trump’s transition team is looking to create the first White House role dedicated exclusively to crypto policy, Bloomberg News reported, citing people familiar with the discussions.
The report added that the Trump team is currently vetting candidates for the role, which could include responsibilities such as liaising with Congress, the White House, and federal regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).Â
However, it’s unclear whether the position would materialize as a senior-level staff role or a broader “crypto czar” post overseeing government-wide crypto policy.
Closed-door meetings
In recent days, Trump’s Mar-a-Lago estate has become a hub for crypto lobbying efforts. Transition team officials have interviewed potential candidates, including former high-profile crypto executives.
Brian Brooks, a former Coinbase and Binance.US executive, recently met with the president-elect and has been floated as a possible SEC chair under the incoming administration.
Kraken CEO Jesse Powell has reportedly endorsed Brooks’ nomination as the new SEC Chair. Coinbase CEO Brian Armstrong also met with Trump this week. Both declined to comment on the details of the closed-door meetings.
Industry advocates are pushing for the prospective White House crypto role to report directly to Trump, ensuring a direct line of influence to the Oval Office. The position would likely involve a small supporting staff tasked with coordinating policy across multiple government agencies and addressing regulatory concerns raised by the burgeoning industry.
Potential challenges
While the discussions signal a significant shift in Washington’s stance toward crypto, many challenges remain. Trump’s crypto-friendly proposals face opposition from regulators who see the blockchain industry as fraught with risk for retail investors.Â
Critics have argued that scaling back enforcement could lead to greater market instability and fraud. However, Trump’s willingness to champion the industry has energized crypto advocates, many of whom view the incoming administration as a chance to cement their place in federal policy.
Whether the new role becomes a reality, its mere consideration reflects the rising prominence of crypto in US economic and political discourse. The crypto industry, long sidelined in Washington, may now have its most powerful ally yet in the White House.
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