Coinbase CEO Armstrong in Talks with Trump for Crypto-Focused Partnership
Coinbase (COIN) CEO Brian Armstrong is meeting with President-elect Donald Trump to discuss key personnel appointments. According to reports, the discussions will focus on staff selections that could shape the future of the cryptocurrency sector. Trump has shown openness to names that support technology and cryptocurrency during his cabinet formation process. The appointment of Robert F. Kennedy Jr. as Secretary of Health and Human Services, along with SpaceX CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy selected to lead the newly established Department of Government Efficiency, indicates Trump’s inclination in this direction.
However, positions that could directly impact the cryptocurrency markets, such as Treasury Secretary and SEC Chairman, have yet to be filled. Cantor Fitzgerald CEO Howard Lutnick is emerging as a candidate for Treasury Secretary. Lutnick is known for his favorable views on stablecoins like Tether. Coinbase's collaboration with Trump’s transition team is seen as supportive of Armstrong’s efforts to bring crypto-friendly policymakers into positions of power.
Trump Media and Bakkt acquisition talks Trump Media is in acquisition talks to purchase the cryptocurrency exchange Bakkt Holdings as part of its strategy to expand its presence in technology and social media. As Bakkt's owner, Intercontinental Exchange, decided to halt its crypto custody services, this unit will not be part of the acquisition and remains outside the focus of Trump Media.
Ripple and Circle's interactions with Trump Ripple CEO Brad Garlinghouse has also held discussions with Trump’s team regarding possible appointments. Executives from Circle, the issuer of USDC, are reported to be in contact with Trump’s team as well. These interactions indicate that the cryptocurrency industry is looking to position itself strongly under a Trump administration.
The Trump administration’s stance on cryptocurrency could take a direction different from that of current regulators. The potential removal of current SEC Chairman Gary Gensler and his replacement could allow for a more crypto-friendly approach. With Hester Peirce potentially being nominated for SEC chair, more openness and an expanded regulatory framework in the crypto sector can be anticipated.
Similarly, Lutnick’s appointment as Treasury Secretary could facilitate the integration of stablecoins into the traditional financial system and provide regulatory clarity.