Trump’s team in talks with crypto leaders on regulatory adjustments: report

President-elect Donald Trump’s team is reportedly in discussions with cryptocurrency leaders about regulatory changes that could reshape America’s approach to digital assets.

According to the sources, Trump plans to take a more lenient regulatory stance to fulfill his campaign promise to make the US the “crypto capital of the planet.”

Crypto friendly dating

The Washington Post recently reported that Trump’s transition team is considering several crypto-friendly candidates for key financial regulatory positions such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC).

Names being considered for those bodies include Daniel Gallagher, a former SEC official now at Robinhood; Hester Peirce and Mark Uyeda, current Republican agency commissioners; and Paul Atkins, a former commissioner.

Trump’s team has also engaged with crypto companies to establish a new presidential council on digital currencies. These appointments are crucial, as the leaders of various agencies under Trump will have the authority to decide whether cryptocurrency will become a more integrated and formalized element of the financial system.

Following Trump’s victory, a16z projected a more conducive regulatory environment for the cryptocurrency industry. The venture capital firm believes this change could turn most crypto tokens into “legitimate and lawful” financial tools.

Meanwhile, some Democratic lawmakers warn that loosening regulations could increase the risks of fraud, manipulation and instability, citing the 2022 FTX collapse as an example of caution.

Executive Orders and SEC Review

The Trump administration is also exploring the possibility of using executive orders to clarify the role of federal agencies in cryptocurrency oversight. These actions will streamline the regulatory framework, creating clearer guidelines on issues such as whether certain digital assets are considered securities.

Meanwhile, the SEC’s leadership has been a point of contention under Chairman Gary Gensler. Trump’s unit is considering replacing him, and previously said he would “fire” the SEC chairmanship after he takes over in January.

Gensler’s tenure has been marked by high-profile legal battles with major crypto exchanges such as Coinbase, Kraken and Binance, which face accusations of violating federal registration laws.

“Its days are numbered,” Ripple CEO Brad Garlinghouse said, adding that the company “has been in contact” with Trump’s transition team. He also expressed his belief that the incoming administration intends to continue to focus on the crypto sector.

Karoline Leavitt, Trump’s transition spokeswoman, said the American people had re-elected him by a decisive margin, giving him a mandate to fulfill his campaign promises. He added that he would fulfill these promises.

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