Trump’s Pro-Crypto Agenda Gains Momentum With Advisory Council and Crypto Payment Platform Plans
President-elect Donald Trump courts the cryptocurrency industry with a proposed White House council and his media company’s push to develop a digital payments platform.
Because Bitcoin
November 22, 2024
According to Reuters and The New York Times, President-elect Donald Trump and his team are making significant moves to embrace the cryptocurrency industry. Several crypto companies, including Ripple, Kraken, and Circle, are vying for spots on Trump’s proposed crypto advisory council, which aims to reshape U.S. crypto policy under a pro-industry administration. Meanwhile, Trump’s media company, Trump Media & Technology Group, is exploring the development of a cryptocurrency payment platform, signaling deeper engagement with digital assets.
Trump’s proposed advisory council was announced at a July Bitcoin conference in Nashville, where he promised a crypto-friendly administration. The council is expected to work on crypto legislation, coordinate with agencies like the SEC and CFTC, and advise on digital asset policy. Companies such as Coinbase, Circle, and Andreessen Horowitz’s crypto arm, a16z, are lobbying for inclusion, with Coinbase CEO Brian Armstrong recently meeting with Trump to discuss crypto-related matters. The council may also appoint a crypto “tsar” to lead its initiatives, with candidates like former CFTC Chair Heath Tarbert and a16z’s Brian Quintenz advising the transition team.
In parallel, The New York Times reports that Trump Media filed a trademark application for “TruthFi,” a platform for cryptocurrency payments, financial custody services, and digital asset trading. This project reflects Trump Media’s effort to diversify its business beyond Truth Social, his social media platform. Though details about TruthFi remain scarce, the initiative may require Trump Media to acquire another firm, given its limited workforce. Speculation about a potential acquisition of the crypto trading platform Bakkt caused Bakkt’s shares to surge earlier this week, though both companies declined to comment on the rumors.
These developments come as Trump’s pro-crypto stance has boosted industry confidence, pushing Bitcoin closer to the $100,000 mark. His administration has vowed to end President Joe Biden’s regulatory crackdown and support crypto companies, despite concerns from consumer advocates about industry influence on policymaking. Trump’s efforts, including the creation of the advisory council and initiatives like TruthFi, underline his strategy to position cryptocurrencies as a cornerstone of his administration’s economic policy.
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