President Trump is reportedly considering the appointment of the country’s first “Crypto Czar” and weighing the cryptocurrency market in his nomination of a new Securities Exchange Commission (SEC) Chair.
Wired reports,
President-elect Donald Trump is expected to select a new chair of the US Securities and Exchange Commission (SEC) in the coming days. His team is asking the crypto industry to weigh in on potential picks, according to sources who claim to be close to proceedings.
Trump’s shortlist is filled with former government officials, crypto executives, and lawyers who support the crypto industry: Paul Atkins, former SEC commissioner, and Brian Brooks, former acting US comptroller of the currency, are the top two contenders, sources familiar tell WIRED, but the vetting process is ongoing.
As The Gateway Pundit reported, President Trump spoke at the Nashville Bitcoin Conference while campaigning for President in July and promised he would fire current SEC Chairman Gary Gensler “on day one” and “appoint a new SEC Chairman who believes America should build the future, not block the future.”
Massive Turnout for President Trump’s Nashville Bitcoin Conference Speech, Crowd Goes Wild When Trump Promises to Fire SEC Chairman Gary Gensler On Day One
The price of Bitcoin has fluctuated in an upswing, nearly hitting the $100,000 mark several times since mid-November after Trump won the presidential election. The price of Bitcoin on November 5 was roughly $70,000, and it has since reached a high of $99,662.89, according to investment brokerage Robinhood. As of writing, Bitcoin’s price hovers above $97,000.
Throughout 2024, Trump surrounded himself with and nominated pro-crypto figures to his cabinet, including Secretary of Health and Human Services nominee RFK Jr. and Secretary of Commerce nominee Howard Lutnick.
“Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans,a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnik,” said RFK in a recent tweet, defending Trump’s nomination of Lutnik.
President Trump and RFK Jr. both accepted cryptocurrency for 2024 presidential campaign donations, with Trump becoming the first major party nominee in history to do so.
Before suspending his campaign and endorsing Trump in August 2024, RFK announced that he wanted through executive order to require the United States to hold Bitcoin as a “strategic asset,” purchase 550 Bitcoin per day, and hold at least 4 million tokens. He further said that he wanted to make “all transactions between Bitcoin and the US dollar” unreportable transactions not subject to taxes:
Additionally, Elon Musk, who has been referred to as “the Dogefather” in light of his support for the Dogecoin meme currency, was also selected to lead the Department of Government Efficiency, nicknamed “DOGE,” a nod to Dogecoin. The cryptocurrency has seen gains of over 100% since election day and has more than quadrupled in value since September, currently hovering above 40 cents per coin.
Trump’s pro-crypto administration could see the formation of a strategic reserve of Bitcoin and other currencies, which may play a role in future asset prices.
Forbes recently reported,
Now, as traders bet on a Trump bitcoin “game-changer,” a leak has revealed Trump could appoint the first ever White House “crypto czar.”
Trump’s top team is meeting with bitcoin and crypto experts and industry executives to discuss creating a White House role dedicated to cryptocurrency policy, overseeing policy and regulation across the federal government, Bloomberg reported, citing anonymous sources.
The appointment of a White House crypto czar would likely boost already sky-high expectations that Trump could create a U.S. bitcoin strategic reserve that would see him follow through on promises made during a July bitcoin conference to make the U.S. the “crypto capital of the planet.”
Speculators on the crypto-powered Polymarket prediction platform now see a more than 40% chance that Trump will create a bitcoin strategic reserve, with the odds climbing sharply following the leak of Trump’s crypto czar discussions.
The Gateway Pundit does not provide investment advice.
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