According to the Washington Post (WP), Trump’s incoming administration was exploring new crypto-friendly personnel and policy to deliver on his promise to turn the U.S. into the world’s crypto capital. His choice of potential appointees like Scott Bessent to key federal positions was preparing the U.S. government to adopt a more positive stance on crypto.
Trump’s crypto-related declarations earned the industry’s huge support and started Bitcoin’s price journey to the moon as the token nearly hit 89K by the evening of November 11th. Early discussions centered on key leadership positions for financial regulatory agencies, including the U.S. SEC. In particular, the WP disclosed that Trump’s aides considered a mix of current regulators, financial industry execs, and former federal officials with pro-crypto views.
Trump’s crypto ambitions to guide pro-crypto cabinet appointments
Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.
Some recent statements:
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican…
— Eleanor Terrett (@EleanorTerrett) November 12, 2024
Trump’s cabinet appointments were critical because the choices had profound implications for the global economy, and the stakes were high. The names under consideration for the U.S. SEC and other federal positions include a former commissioner at the agency, Daniel Gallagher, who is now working for Robinhood. Others mentioned by the WP include two Republicans, Mark Uyeda and Hester Pierce, who are commissioners at the U.S. SEC. Trump’s aides also eyed former U.S SEC commissioner Paul Atkins and a former commissioner at the CFTC, Chris Giancarlo.
As per the WP, five people close to the matter, who insisted on anonymity, cautioned that the deliberations were still in their early stages. They pointed out that the candidates’ lists were constantly changing, but the agenda remained the same: pro-crypto government. Notably, Fox Business’s Eleanor Terrett observed that Trump’s consideration of billionaire hedge fund investor Scott Bessent for Treasury Secretary was very pro-Bitcoin.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay.”
Bessent opined that cultivating a culture in the U.S. where people believe in a system that worked for them was the centerpiece of capitalism. He added that everything was on the table with Bitcoin, especially for young people with no prior experience in market(s) participation.
Trump prepares for a crypto-driven return to the Oval Office
Trump is reportedly surrounding himself with prominent pro-crypto supporters like Elon Musk and Howard Lutnick in preparation for his comeback to the White House. Trump is also reportedly in close relationships with crypto magnates like Kraken’s Santori and Nashville’s crypto conference host David Bailey.
Ripple’s Brad Garlinghouse asserted that the crypto space was definitely an area that the Trump administration intended to continue focusing on. Trump transition spokeswoman Karoline Leavitt stated that the American people had reelected Trump to deliver on his crypto promises, and early signs showed a dramatic change in the way Washington approached crypto.
According to the WP, some industry executives explained they mostly sought regulatory clarity since Congress under Biden’s administration had failed to pass comprehensive crypto governing laws. The execs were especially keen on rules determining when crypto was a security or a currency, which protections were applicable, and which agency would regulate the industry and its offerings.
