Trump Team Eyes First-Ever White House Crypto Role

U.S. President-elect Donald Trump’s team is reportedly discussing the implementation of a White House crypto role solely dedicated to digital assets.

Trump’s team is said to be consulting with industry leaders to assess whether the position is necessary. If established, it would mark the first time a U.S. administration has created an exclusive role at the highest levels of government focused specifically on digital assets. Bloomberg reports that talks of these developments and the vetting of potential candidates are reportedly taking place at Trump’s Mar-a-Lago residence.

Additionally, reports indicated that the new position would oversee a small team tasked with bridging communication between the White House, Congress, and key regulatory bodies. These would include the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Supporters within the industry are advocating for the new White House crypto role to report directly to the president. If such happens, the move will highlight the position’s significance in shaping a regulatory environment that benefits the sector.

What is Trump’s Next Move?

The President-Elect is not shy about his strong support of the cryptocurrency sector, emphasizing his dedication to establishing the U.S. as the “world capital of crypto.” On Nov. 19, 2024, Trump met with Coinbase CEO, Brian Armstrong and former Coinbase executive Brian Brooks to discuss industry matters.

In addition, during his speech at the 2024 Bitcoin Conference, Trump reiterated his strong commitment to the cryptocurrency space, declaring that he would “make Bitcoin great again.” Among his key proposals, he promised to remove current SEC Chairman Gary Gensler on his first day in office. Reports stated that the co-leader of BakerHostetler’s Blockchain team, Teresa Goody Guillén, could be Gensler’s potential replacement.

Crypto Regulation Across the Globe

Around the world, governments are creating roles or agencies tasked to regulate and oversee the growing crypto industry, with a focus on mitigating risks and ensuring consumer protection. More nations are recognizing the importance of setting up dedicated roles to address the unique challenges posed by crypto-assets.

In Germany, the Federal Financial Supervisory Authority (BaFin) plays a central role in overseeing cryptocurrency operations. BaFin has established clear regulations for the crypto industry, specifically targeting the functioning of crypto exchanges, asset managers, and custodians.

Japan’s Financial Services Agency (FSA) is another key regulator in the crypto space. The FSA developed a comprehensive set of rules specifically targeting the crypto sector, including strict licensing requirements and close monitoring of crypto exchanges.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Post Views: 28