President-elect Trump’s team is exploring a new White House crypto advisor role to bridge the administration with Congress and regulatory bodies.
According to Reuters, the transition team of President-elect Donald Trump has initiated discussions with the digital asset industry in anticipation of the establishment of a new White House position that is exclusively dedicated to cryptocurrency policy before his inauguration. If established, this position would be the first of its kind.
A New Crypto Advisor Position in the White House
According to reports, the role would function as a liaison between the administration, Congress, and regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The position is anticipated to entail the coordination of policy across a variety of federal agencies that are involved in the regulation of crypto. Industry insiders are advocating for this position to have direct access to President Trump, which would enable it to influence critical regulatory decisions.
At this time, it is uncertain whether the new position would be an official senior White House staff position or something akin to a “crypto czar,” a term used to characterize a central figure responsible for managing crypto-related policies across the government.
The specifics of the role’s structure are still being discussed; however, the primary objective is to guarantee that the appointed individual has the authority to influence crypto policy at the topmost levels.
Trump’s Crypto Support: What the Industry Can Anticipate
The cryptocurrency industry has been the subject of President-elect Trump’s vocal support, which has been reflected in his campaign promises.
During his election campaign, Trump committed to the establishment of a presidential advisory council that would be specifically dedicated to cryptocurrency and to the dismissal of SEC Chair Gary Gensler, who was perceived as being less positive toward the crypto market.
In recent months, Trump has engaged with significant actors in the crypto sector, including the potential for a meeting with Coinbase CEO Brian Armstrong and a variety of Bitcoin mining companies. These interactions have intensified interest in the potential influence of the crypto industry on the upcoming administration.
Brian Brooks, the former CEO of Binance US and former legal director of Coinbase, is among the influential figures in the crypto space with whom Trump is said to have met. Brooks is among those who are reportedly being considered for a high-level position at the SEC.
The Market Sentiment Boost from Washington’s Cryptostance
At a time when the digital asset market is experiencing substantial growth, the developments regarding a White House crypto role are being discussed. For example, Bitcoin has recently reached new highs, with its price surging to $97,500.
This has sparked new speculation regarding its potential to surpass $100,000 in the near future. Trump’s triumph in November 2024 has resulted in a surge of approximately $900 billion in the broader crypto market.
MicroStrategy, a business intelligence firm that has emerged as one of the most significant corporate holders of Bitcoin, has increased its Bitcoin acquisitions. The company has announced its intention to increase the issuance of convertible senior notes by 50%, which will result in a total of $2.6 billion. These funds will be allocated to the procurement of additional Bitcoin.
Crypto Advocacy Faces Obstacles
The crypto industry in Washington continues to face substantial obstacles, despite the optimism. Critics contend that the reduction of regulatory oversight could result in heightened market instability and the exposure of retail investors to greater risk.
Some individuals have even cautioned that a careless enforcement approach could potentially promote fraud and manipulation in the digital asset sector.
The crypto industry has historically been regarded by regulators as a potentially risky market for investors, as a result of its volatility and association with illicit activities.
The fact that Trump’s transition team is engaging with crypto leaders suggests that digital assets could play a significant role in U.S. financial policy under his leadership, despite the fact that much remains to be decided.
