On Thursday (November 21), Bitcoin prices surged to nearly $95,000, setting a new historical high. At the time of writing, Bitcoin has risen about 2% on the day, hovering around $94,000. The driving force behind the bullish market sentiment is news that President-elect Trump's team plans to establish the White House's first cryptocurrency policy position.
According to informed sources, Trump's team is discussing with the digital asset industry the possibility of creating a new position dedicated to cryptocurrency policy within the new government structure. If implemented, this would mark the first time in White House history that a dedicated position for digital assets is created, signaling further expansion of the cryptocurrency industry's influence.
Currently, Trump's team is selecting suitable candidates for this role. Sources say that the position might be referred to as a "Crypto Czar," with responsibilities including overseeing federal government policies, coordinating communication between Congress, the White House, and regulatory bodies like the SEC and CFTC, and advancing relevant agendas. Industry advocates hope this role will maintain close contact with Trump.
Policy Outlook for the Cryptocurrency Industry
During his campaign, Trump repeatedly showed support for the digital asset industry, vowing to fire current SEC Chairman Gary Gensler, who has been controversial for his stringent regulatory policies on the crypto industry. Trump also promised to reduce overregulation and plans to form a new presidential advisory committee on cryptocurrencies. Sources indicate that industry representatives are actively vying for seats on this committee.
This summer, Trump met with executives from various Bitcoin mining companies and cryptocurrency exchanges and spoke at a Bitcoin conference in July, demonstrating his attention to the industry. It is reported that Trump's Trump Media & Technology Group is in acquisition talks with Bakkt, a cryptocurrency platform under Intercontinental Exchange, further solidifying its business presence in the digital asset field.
Uncertainty in Future Impact
Discussions on the cryptocurrency policy position are still ongoing. Insiders reveal that this role might lead a small team to formulate policy frameworks and coordinate collaboration with Congress and regulatory bodies. Recently, Trump's team conducted interviews with potential candidates at Mar-a-Lago, indicating the new administration's high level of interest in the cryptocurrency sector.
This news quickly boosted market sentiment, pushing Bitcoin prices close to the $95,000 milestone. Analysts pointed out that the policy tendencies of Trump's new administration could create more development opportunities for the crypto industry and have profound impacts on the shift in global regulatory dynamics.
