President-elect Donald Trump is considering creating a new White House position dedicated entirely to cryptocurrency policy. Bitcoin (BTC) surged to a record $97,862 as news of Trump’s plans circulated.
The position would be the first-ever crypto-specific White House post, highlighting Trump’s dedication to pro-crypto policy and the significance of crypto to the president-elect’s administration.
Trump Takes Steps to Make the US the World’s Crypto Capital
According to reports by Bloomberg, President-elect Donald Trump is mulling over creating the first-ever crypto-specific role in the White House. Trump’s team is reportedly meeting with industry executives to discuss whether such a role is necessary for his incoming administration and is reportedly vetting potential candidates. Bloomberg reported that the role would solely focus on cryptocurrency policy and may report directly to President Trump.
Mr Trump recently secured victory over Kamala Harris to become elected as the 47th president of the United States, running on a campaign promising to make the US the “world’s crypto capital” and halt regulatory crackdowns currently plaguing the industry.
It is still unclear whether the role would be a czar type or White House staff role. The scope of the role would include interacting with regulators such as the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to coordinate policy among federal agencies.
A Pledge to Reshape Crypto Policy
Trump won the hearts of Americans with his pledge to overhaul crypto regulation to make the US the world’s crypto capital. To achieve these goals, Trump vowed to fire the head of the SEC, Gary Gensler, reduce regulatory constraints currently stifling the industry and establish a presidential advisory group for digital assets. Top industry players, including Coinbase CEO Brian Armstrong and former Coinbase executive Brian Brooks, are already gearing up for a seat on the advisory group and met with Trump on November 19, Bloomberg reports.
Since news broke of Trump’s plans, Bitcoin (BTC), the world’s leading digital asset, shattered its previous ATH, surging to $97,862.
Cardano Founder Endorses Brian Armstrong for Crypto Czar
Charles Hoskinson, the founder of Cardano, publicly expressed his support for Brian Armstrong to take on the role of crypto czar. In an extensive social media post, Hoskinson said Armstrong has been an influential figure in the crypto space and highlighted his ability to withstand regulatory pressure as reason to step into this role.
Hoskinson said:
“With respect to the idea of a Crypto-Czar at the Whitehouse, I feel the role needs to be filled with someone who is neutral, works with all the protocols, and has a deep understanding of why crypto is special as well as what the US government under Biden has done wrong.”
Adding;
“There is only one candidate that I think stands out in our industry for this role and that’s @brian_armstrong.
Coinbase has grown into one of the pillars of crypto and has had to endure the unfair tactics of a government committed to regulation through enforcement. I know he could build a broad tent coalition to bring the industry together and help us get the government rallied behind real action including passing new laws.”
The Cardano founder recently revealed plans to help shape US crypto policy under Trump’s administration.
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