The incoming administration has explored new personnel and policy that can deliver on Trump’s campaign promise to turn the U.S. into the “crypto capital of the planet.”
By Tony Romm, The Washington PostDonald Trump reacts at the Bitcoin Conference in Nashville in July. After winning the presidency again, Trump is moving to make the federal government more friendly to cryptocurrency.
These appointments are critical: Under Trump, the chair of the SEC and other agencies have the power to determine whether crypto will become a larger, more formalized part of the financial system. The choice has vast implications for the global economy, and the stakes are high, as evidenced by the 2022 collapse of the crypto giant FTX - and the risks it raised about a catastrophic contagion.
“His days are numbered,” said Brad Garlinghouse, the chief executive of Ripple, adding that the company has “been in touch” with the Trump transition team. “I think it’s clear this is an area they intend to continue to focus on. I think Trump and a bunch of people realize there’s a new set of technologies that are likely to define the next couple of decades.”
No matter the outcome, the early signs suggest a dramatic change in the way Washington approaches cryptocurrency, a shift that underscores the industry’s rapid ascent into one of the most prolific donors in American politics - having helped to elect dozens of friendly candidates to Congress while donating heavily in support of Trump’s bid for the White House.
“It means that people are going to be more vulnerable to an industry that is rife with fraud, abuse, market manipulation and cyber breaches,” said Patrick Woodall, the managing director for policy at Americans for Financial Reform, which advocates for stronger financial regulations. “This is an industry that is extremely volatile, where people take big losses, where market manipulation by insiders is very prevalent.
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