President-elect Donald Trump’s administration is reportedly considering establishing a new position within the White House to oversee cryptocurrency policy, marking a significant shift in how digital assets might be handled at the federal level. According to Bloomberg News, discussions are underway with the digital asset industry to potentially create this pioneering role, which would focus on shaping and coordinating crypto-related policies across government agencies. This move is part of broader considerations by Trump’s transition team, which has been actively vetting candidates for this position.
During his campaign, Trump has openly supported the cryptocurrency sector, notably Bitcoin (BTC-USD), positioning himself as a pro-crypto candidate. His pledges included the dismissal of SEC Chair Gary Gensler, known for his skepticism towards cryptocurrencies, on “day one” of his term. Trump’s engagement with the crypto community was not just rhetorical; he demonstrated his support by using Bitcoin to purchase burgers for his supporters at a New York bar, symbolizing his embrace of digital currencies.
The creation of such a dedicated role would signal a robust acknowledgment of the cryptocurrency industry’s growing influence and its transition from a niche market to a significant player in the financial landscape. This potential policy shift comes at a time when Bitcoin has seen a surge in value, reaching a new all-time high of $94.902 and nearing the psychologically significant $100,000 mark. This rise in Bitcoin’s price reflects the market’s optimism following Trump’s victory, which is perceived to promise a more favorable environment for crypto businesses.
The discussions for this role underscore a broader strategic move by Trump’s team to integrate digital currencies into the U.S. economic framework, possibly aiming to enhance America’s position in the global digital economy. It reflects an understanding of the sector’s potential for economic growth, innovation, and its appeal to a tech-savvy voter base. However, the specifics of the role’s responsibilities and its impact on crypto regulation remain to be seen, as these will depend on the administration’s detailed policy agenda and the chosen candidate’s vision for cryptocurrency in America.
h/t Reuters
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