Trump Team Considers Creating First-Ever White House Crypto Role

U.S. President-elect Donald Trump’s team is reportedly considering creating a new post—the White House’s first-ever role dedicated to crypto policy.

According to a recent Bloomberg report, Trump’s team is currently vetting possible candidates for the role.

A crypto-specific White House post would increase the crypto industry’s credibility and influence in the incoming administration. Sources familiar with the matter told Bloomberg that major crypto players are pushing for the role to have a direct line to the president himself.

Trump’s Crypto U-turn

During his presidential campaign, Trump reversed his position on crypto, embracing it and making various pledges to the industry after previously dismissing it as a scam. Among these pledges was a vow to fire current Security and Exchange Commission (SEC) chair Gary Gensler on “day one.” Today, current SEC Chair Gary Gensler announced he would step down in January 2025.

Crypto prices soared after Trump was declared the winner of the elections, particularly Bitcoin, which has risen by more than 30% since Nov. 5, setting multiple new all-time highs.

Trump met with key crypto industry players this summer, including Binance US executive Brian Brooks, who Bloomberg reports is a candidate for SEC Chair. They said Trump and Brooks have also been in contact this week.

Crypto Industry Scrutiny

Despite Trump administration's increasing support for crypto, the industry still faces scrutiny. A recent Wall Street Journal report said the federal government is investigating Tether, the largest stablecoin issuer in the world, for possible violations of sanctions and anti-money-laundering rules.

Bitcoin enthusiast and incoming secretary of the Department of Commerce, Howard Lutnick, recently defended the stablecoin issuer.

“There’s always been a lot of talk — ‘do they have it or not’ — so I’m … saying, we’ve seen it and they have it,” he said, referring to Tether’s reserves backing USDT.

On the flip side, a federal Judge has dismissed the SEC’s overhaul of Treasury dealer rules, stating that it is in excess of the commission's authority based on its text, history and structure. The ruling marks at least the third time a court has dismissed prominent SEC regulations this year.