Donald Trump Mulls First-Ever Crypto White House Role: Report

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Insidebitcoin2024/11/21 10:22

By:Insidebitcoin

US President-elect Donald Trump is considering creating the first-ever White House role dedicated entirely to crypto policy, according to a Nov. 20 Bloomberg report.

The report said that Trump is in the process of engaging with industry executives to decide whether or not the new role is necessary. He is reportedly vetting possible candidates for the role as well.

Donald Trump Mulls First-Ever Crypto White House Role: Report image 0

Crypto Advocates Want The New Role To Report Directly To Donald Trump

It is still unclear whether the role will be another White House staff position or if a “crypto czar” will be established to coordinate policy between federal agencies. Regardless, crypto advocates want the new role to report directly to Trump.

According to the report, the person appointed for the potential role will direct a small staff while simultaneously mediating between Trump, Congress and numerous other federal agencies. These federal agencies include the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC).

Crypto industry executives including Coinbase CEO Brian Armstrong and a former executive at the leading US crypto exchanges, Brian Brooks, met with Trump on Nov. 19, the report said.

Trump Presidency Could Benefit DeFi And Gaming The Most

Pro-crypto Trump is expected to implement a more accommodating digital asset regulatory framework in the US. After his election victory, the market has started to rally off of the potential upcoming change in US crypto policy. Bitcoin also set a new all-time high above $97K in the last 24 hours.

While a sense of euphoria looms in the crypto market, Sky Mavis co-founder Jeffrey Zirlin believes blockchain gaming and decentralized finance (DeFi) will benefit the most from Trump’s win.

During a Nov. 21 interview at the YGG Play Summit in the Philippines, he said “The bottom line is that the token design space has now been massively opened up. I believe that’s most bullish for DeFi and gaming, which we believe are the most consequential sectors that have the most long-term substantive value in this industry.”

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