President Trump is reportedly contemplating the creation of a novel position in the US government, dubbed the "Crypto Czar," and is taking into account the cryptocurrency market as he deliberates on his nomination for a new Chair of the Securities Exchange Commission (SEC).
According to Wired, the President-elect is anticipated to announce his choice for the new SEC Chair in the imminent future. His team is currently seeking input from the cryptocurrency industry on potential candidates, as per sources who claim to have insider knowledge of the proceedings.
The list of potential nominees is populated with former government officials, cryptocurrency executives, and legal professionals who are advocates of the crypto industry. Paul Atkins, a former SEC commissioner, and Brian Brooks, the previous acting US comptroller of the currency, are the leading contenders, as reported by sources familiar with the matter to Wired. However, the vetting process is still underway.
As reported by The Gateway Pundit, President Trump, while campaigning for the presidency in July, addressed the Nashville Bitcoin Conference. He pledged to dismiss the current SEC Chairman, Gary Gensler, "on day one" and to "appoint a new SEC Chairman who believes America should build the future, not block the future."
Since Trump's victory in the presidential election, the price of Bitcoin has seen a significant increase, nearly reaching the $100,000 mark on several occasions since mid-November. On November 5, the price of Bitcoin was approximately $70,000, and it has since peaked at $99,662.89, according to investment brokerage Robinhood. At the time of writing, the price of Bitcoin is just above $97,000.
Throughout 2024, Trump has surrounded himself with and nominated individuals who are supportive of cryptocurrency to his cabinet. These include RFK Jr., the nominee for Secretary of Health and Human Services, and Howard Lutnick, the nominee for Secretary of Commerce.
RFK Jr. recently defended Trump's nomination of Lutnick on Twitter, stating, "Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans, a remedy against the dollars downgrade from the worlds reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnick."
Both President Trump and RFK Jr. have accepted cryptocurrency for their 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 his intention to use executive order to mandate that the United States hold Bitcoin as a "strategic asset," purchase 550 Bitcoin per day, and hold at least 4 million tokens. He further expressed his desire to make "all transactions between Bitcoin and the US dollar" unreportable transactions not subject to taxes.
Elon Musk, who has earned the nickname "the Dogefather" due to his support for the Dogecoin meme currency, was also chosen to head the Department of Government Efficiency, humorously referred to as "DOGE," in 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 lead to the establishment of a strategic reserve of Bitcoin and other currencies, which may influence future asset prices.
Forbes recently reported that traders are speculating on a Trump Bitcoin "game-changer," following a leak that revealed Trump could appoint the first ever White House "crypto czar."
Trump's top team is reportedly meeting with Bitcoin and crypto experts and industry executives to discuss the creation of a White House role dedicated to cryptocurrency policy, overseeing policy and regulation across the federal government, as per Bloomberg, citing anonymous sources.
The appointment of a White House crypto czar would likely heighten already soaring expectations that Trump could establish a U.S. Bitcoin strategic reserve, fulfilling 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 increasing significantly following the leak of Trump's crypto czar discussions.
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