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.
Trump’s aides considered a mix of current regulators, financial industry execs, and former federal officials with pro-crypto views.
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 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.
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.
The American venture capital firm, Andreessen Horowitz (a16z) emphasized its optimism about the regulatory environment under Trump’s government in a statement published on its website.
The VC firm shared its thoughts about recent developments in the crypto market, where tokens such as Bitcoin and Ethereum are on historic runs following the November elections. It believes the new administration will support innovation and create opportunities for crypto to thrive in the United States.