KEY POINTS
- The Trump team is reportedly holding talks at Mar-a-Lago with crypto leaders to discuss the matter
- Many of Trump's cabinet picks so far are either pro-crypto or have expressed support for innovation
- Crypto users have recommended their hot picks for the yet-to-be-confirmed role
President-elect Donald Trump promised Bitcoiners during the Bitcoin Conference in Nashville that he will embrace the community and the broader cryptocurrency space, and it appears he hasn't forgotten his pledge as a new report revealed that his team is considering the possibility of creating the first-ever White House role focused specifically on crypto policy.
Trump's team is currently consulting with crypto industry leaders to determine the necessity of the position, Bloomberg reported Wednesday, citing people familiar with the matter.
The Trump Transition
Meetings are reportedly being held at the incoming president's Mar-a-Lago estate in Florida and the participants are reportedly vetting potential candidates for the first ever crypto-centric position at the White House.
It is unclear which candidates are being considered for the potential role, whoever is chosen is expected to become a mediator between regulators, Congress, and the White House in terms of crypto policies.
If the position is officially established, the Trump White House will pioneer the country's most pro-crypto administration yet, marking a significant turnaround from when the business magnate and former president called Bitcoin a likely scam.
Trump Nominates Bitcoin Bull for Commerce Chief
News of the potential new position came just a day after Trump nominated Cantor Fitzgerald CEO Howard Lutnick as the next Commerce Secretary.
Lutnick is a Bitcoin bull – a term used in the industry to describe an individual who believes the world's largest cryptocurrency is headed higher. He also revealed at the Bitcoin Conference that his company holds "a s***load" of Bitcoin.
There are also reports about Trump considering blockchain expert and Baker & Hostetler partner Teresa Goody Guillén to replace Securities and Exchange Commission (SEC) Chair Gary Gensler.
So far, majority of Trump's cabinet picks have ties to crypto, and some are known to have publicly expressed support for financial innovation and technological fusion as a means of transforming the financial system.
Crypto Community Recommends Familiar Names
In the crypto community on X, users are already recommending who they think will be the perfect match for the touted new role, and one of them is a name dear to the community for his work with XRP holders: John Deaton.
Ryan Selkis, the founder of crypto research firm Messari, kicked off the conversation. Some believe Coinbase CEO Brian Armstrong will be a good fit for the job, while others, including prominent crypto YouTuber Wendy and tech executive Brian Costello believe Deaton is "hands down" the best pick.
Who would be your nominees for crypto czar?
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) November 20, 2024
Serious suggestions only and I'll compile them with notes and publish the most serious candidates. https://t.co/YOJjHtZtzS
— JoshETH.eth ♊️ (@JoshwaaaDixon) November 20, 2024
@JohnEDeaton1 hands down
— Wendy O (@CryptoWendyO) November 20, 2024
@JohnEDeaton1 and no one else comes even remotely close.
— Santiago Velez ☀️ 💧🏴☠️🪝 (@Santiag78758327) November 21, 2024
Some crypto users also suggested VanEck head of digital assets research Matthew Sigel as a potential great choice, and others believe blockchain expert Charles Hoskinson is "the only right choice."
@IOHK_Charles. This video gives a good taste of where he stands and also shows that he wasn't doing it for a position back then, nor was it for Cardano, which wasn't mentioned even once btw.https://t.co/AHNxMGFtgK
— Esen_GR (@esen_gr) November 20, 2024
Trump has yet to comment on the report, but if it is accurate, the 47th President is making history.
