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We don’t know a lot yet about Donald Trump’s crypto plans, but we can at least see what’s happened so far. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. The narrative Nearly three weeks after the 2024 election, we’re still waiting for clear signs of how President-elect Donald Trump’s administration might approach crypto. Here’s what we know so far. Why it matters A large chunk of the crypto industry is betting that Trump’s administration will be friendlier toward crypto than President Joe Biden’s administration was. Companies are filing for new exchange-traded products tied to crypto and prices shot up in the immediate aftermath of the election. Breaking it down The next administration may include a White House official specifically to oversee crypto policy. It’s unclear just what this person might do, what sort of budget or staff they may command or just how much authority they will wield. Nevertheless, there are discussions about creating a crypto czar to either oversee policymaking or liaise with policymakers. Bloomberg first reported that Trump might appoint a crypto czar. As a White House position, the role would likely be more focused on political engagement than policymaking, perhaps as a liaison with federal regulators or the independent agencies. The czar could drive the White House’s priorities around crypto — whatever those might end up being — as lawmakers draft bills. A lot remains to be seen. Trump’s business ventures also appear to be tightening their relationships with the industry. World Liberty Financial, the Trump-backed crypto project, sold $30 million worth of WLFI tokens on Monday to Justin Sun, best known for his roles with Tron and HTX (formerly Huobi), as well as his brief stint as an ambassador for…

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Filed under: News - @ November 28, 2024 3:19 am