Industry CEOs Contact Trump Acquisition Team to Recommend Personnel
Donald Trump, who had predicted the ‘cryptocurrency capital’ of the United States, has been elected president, and the related industry is busily working to reorganize the financial authorities, which had been solely focused on regulation, into cryptocurrency-friendly entities.
On the 13th (local time), The New York Times (NYT) reported, "After speaking with more than 12 cryptocurrency industry leaders recently, it was confirmed that many cryptocurrency industry CEOs are attempting to contact members of Trump’s transition team." It explained that they are trying to build connections with the transition team to push through industry demands.
According to sources, cryptocurrency exchange Coinbase is arranging a meeting between its CEO Brian Armstrong and Howard Lutnick, CEO of Cantor Fitzgerald and co-chair of the Presidential Transition Committee. Brad Garlinghouse, CEO of Ripple, is reported to have recently discussed the next administration’s appointments with close associates of President-elect Trump.
Christine Smith, CEO of the Blockchain Association, conveyed the atmosphere, saying, "Many industry figures are making wish lists and trying to contact the transition team and others through various channels."
The top priority for the cryptocurrency industry, which poured about $135 million (approximately 189.9 billion KRW) in political funds to support President-elect Trump in this election, is the reorganization of the Securities and Exchange Commission (SEC). The industry believes that the current SEC, led by Chairman Gary Gensler, has closed the growth path of the industry by pushing through punishment-oriented policies, which led to the collapse of FTX, once the world’s largest cryptocurrency exchange.
Since former President Trump declared himself the ‘cryptocurrency president,’ the industry expects a cryptocurrency-friendly figure to be appointed as the next SEC chairman. Current candidates for SEC chairman include Dan Gallagher, Chief Legal Officer (CLO) of Robinhood, and Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC).
Robinhood is a platform for trading cryptocurrencies and stocks. Gallagher, a former SEC commissioner, has criticized the SEC’s regulatory approach as a method that "devastates" the cryptocurrency industry and has maintained the position that cryptocurrencies should be regarded as separate assets, not securities. Former Chairman Giancarlo has also shown a friendly stance, stating, "I believe there is a sufficient future for the cryptocurrency market."
Additionally, current SEC Commissioner Hester Peirce is also mentioned. It is reported that CEO Armstrong recommended Commissioner Peirce as the new SEC chairman. The Washington Post (WP) noted, "Commissioner Peirce is considered the person likely to become interim SEC chairman with Trump’s White House entry," and "she may lead a federal task force on future cryptocurrency policies." CEO Garlinghouse is known to have recommended Brian Brooks, former CEO of Binance US.
Meanwhile, Bitcoin, which has been breaking all-time highs daily as part of the ‘Trump trade,’ surpassed the $93,000 mark before retreating. The recent sharp rise led to profit-taking sales, and the halted slowdown in the Consumer Price Index (CPI) inflation rate acted as a source of market anxiety. As of 7:17 p.m. Eastern Time, Bitcoin was trading on Coinbase at around $90,135, up about 2.7% from the previous day.
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