Through his latest transition team appointments, former President Donald Trump has clearly shown his support for cryptocurrency. The group includes several prominent Bitcoin supporters.
On August 16, Trump announced that two key campaign donors will co-chair his transition team. The co-chairs are Howard Lutnick—CEO of Cantor Fitzgerald and a known advocate for Bitcoin and stablecoins—and Linda McMahon, co-founder of WWE.
Trump’s Appointments Suggest Pro-Crypto Direction
Trump also appointed his Vice Presidential Candidate, Senator JD Vance, a prominent Bitcoin investor, and his pro-crypto sons—Eric and Donald Jr.— as honorary co-chairs of the team. This means Trump’s team is being led by at least four people who are ardent supporters of the emerging industry.
The transition team’s primary role is to lay the groundwork for the new administration. They would focus on vetting candidates for political appointments and developing policies.
The crypto community sees this team as a significant win for the industry. Industry stakeholders pointed out that Lutnick’s leadership is particularly promising for crypto if Trump wins.
“[The] inclusion of Howard Lutnick is huge for crypto. He personally briefed the House Republican Conference last year on stablecoins and is a big crypto bull. At BTC Nashville, he announced Cantor Fitzgerald was launching a big BTC lending arm,” said Alexander Grieve, government relations lead at crypto venture capital firm Paradigm.
Crypto has become a significant part of the upcoming election season. So, Trump’s announcement sparked comparisons between his team and Vice President Kamala Harris within the crypto community.
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While Trump has voiced support for digital assets, VP Harris’s stance remains unclear. The crypto community speculates that she may deepen the Biden administration’s antagonistic approach if elected. Their speculations are based on the fact that she is surrounded by people with anti-crypto tendencies.
Indeed, Grieve pointed out that Harris is surrounded by figures like former National Economic Council Director Brian Deese, known in the industry as the architect of “Chokepoint 2.0,” an initiative seen as targeting crypto companies. Further, her team might also include Deputy Director of the National Economic Council Bharat Ramamurti, Treasury Undersecretary Brian Nelson, and SEC Chair Gary Gensler—all recognized critics of the crypto industry.
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Considering this, Faryar Shirzad, Coinbase’s chief policy officer, suggested that Harris should empower pro-crypto Democrats within her ranks to avoid a scenario where the architects of the Biden administration’s crackdown on crypto dominate the conversation.
“Personnel ultimately shape policy, so this is a good time for each side to clarify the signals they’re sending on crypto policy. There are some extraordinary Democratic leaders who are pro-crypto,” he added
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