President-elect Trump plans to reportedly discuss forming a crypto advisory commission with Coinbase CEO Brian Armstrong.
Armstrong endorses Hester Peirce for SEC leadership, emphasizing the need for regulatory clarity in the U.S. crypto market.
Speculation grows on Trump establishing a U.S. Bitcoin reserve, highlighting crypto’s increasing role in national strategy.
President-elect Donald Trump is set to meet Coinbase CEO Brian Armstrong to discuss potential personnel appointments for the incoming administration, according to reports from The Wall Street Journal (WSJ).
https://twitter.com/WatcherGuru/status/1858609705972887656
This is their first meeting since Election Day, November 5, and shows the growing importance of cryptocurrency in shaping U.S. economic policies. The discussions are expected to focus on the formation of a presidential advisory commission on Bitcoin and cryptocurrencies, which Trump had proposed during his campaign.
Key Focus on SEC Leadership and Crypto Regulation
Trump’s campaign plans included establishing transparent regulatory guidance for the crypto industry. In alignment with these goals, Armstrong has publicly endorsed former SEC Commissioner Hester Peirce to lead the agency under Trump’s administration. Peirce, a known advocate for balanced crypto regulations, is viewed as a strategic choice to oversee the sector’s development.
Armstrong has been actively voicing his concerns over regulatory clarity, including Coinbase’s ongoing legal disputes with the SEC. The company sued the SEC in 2022 after the regulator denied its petition to create a market structure framework compatible with digital assets. Armstrong's endorsement of Peirce highlights the pressing need for definitive rules to guide the crypto industry in the U.S.
Coinbase’s Political Spending and Crypto’s Role in U.S. Elections
This meeting also comes after Coinbase’s involvement in U.S. politics. Political action committees (PACs) backed by the cryptocurrency sector, including Coinbase, ranked among the top fundraisers during the 2024 election season. Notably, Coinbase allocated millions to support candidates advocating for crypto-friendly policies.
Speaking earlier this year, Coinbase CFO Alesia Haas emphasized the company’s commitment to engaging with legislators and administrators across the political sector. She noted that bipartisan efforts to regulate crypto could pave the way for clarity in the sector.
Growing Anticipation Around a U.S. Bitcoin Reserve
Reports suggest Trump’s administration might consider establishing a U.S. strategic Bitcoin reserve, reflecting growing acknowledgment of digital assets’ role in national strategy. Armstrong’s meeting with Trump aligns with these speculations, adding weight to the crypto sector's influence in policy making.
