Trump win opens door to many pro-crypto government appointments
With Donald Trump now confirmed to have won the race for the White House, his impending second term will undoubtedly see thousands of presidential appointments to government positions, including high-profile jobs in political and agency leadership.
And, on the face of it, it looks to be good news for crypto. Indeed, Trump has promised to “keep Elizabeth Warren and her goons away from your bitcoin,” end the “persecution” against the crypto industry, prioritize low-cost energy for bitcoin miners, and make the US “the bitcoin superpower of the world.”
That first promise has already come true: By midnight, major news networks had called Republicans winning control of the US Senate. Therefore, because she is a Democrat, Warren may not continue to lead the Senate Banking Committee in a majority seat.
As a notoriously anti-crypto legislator, Warren’s demotion to a minority seat will give Republicans an opportunity to make the Senate Banking Committee more supportive of crypto regulation.
Indeed, Republican Senator Tim Scott is currently the Senate Banking Committee’s second-most powerful ranking member. With Republicans overtaking control of the Senate, Scott is poised to take Sherrod Brown’s gavel as chairman. Scott might also earn a cabinet position.
That Senate committee change is probably the most impactful for crypto regulation. Scott has promised to advance pro-crypto legislation and lay “a wide pathway for bitcoin to be successful here at home. We need to make sure that things like taxation and regulation do not stifle innovation.”
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Trump expected to make pro-crypto appointments
An incoming US President has the right to make thousands of direct and delegated appointments to government positions. This is far more important than party control of either chamber of the bicameral legislature.
Through direct and delegated appointments, Trump will have the ability to install thousands of pro-crypto workers throughout the US government.
Howard Lutnick, co-chair of Trump’s presidential transition team, is pro-crypto and particularly pro-stablecoin. He is CEO of Cantor Fitzgerald, the current asset manager for most of Tether’s Treasuries. Lutnick has vouched for USDT’s asset backing, personally assuring the public, “I manage many, many of their assets.”
During the next few weeks, Lutnick will coordinate with various members of Trump’s transition team to recommend appointments to the US Treasury including powerful bureaus like FinCEN or Office of the Comptroller of the Currency. These rule-making, advisory, and enforcement positions in various Treasury bureaus will allow Trump to impact crypto policy for the next four years.
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