Monday, Bitcoinist I mentioned President-elect Donald Trump is scheduled to hold a private meeting with Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, which is expected to impact the cryptocurrency regulatory landscape in the US.
Coinbase CEO Discusses Cryptocurrency Landscape With Trump
luck certain on Tuesday that the discussion took place via phone call, rather than a private meeting as originally reported. During the call, Armstrong, whose company has invested nearly $50 million backing pro-crypto candidates — including Trump — discussed broader issues surrounding cryptocurrencies rather than specific appointments.
There are also unconfirmed reports circulating on social media that another prominent figure in the industry, Ripple Labs CEO Brad Garlinghouse, had direct access to Trump. However, a Ripple spokesperson stated that the company does not discuss private conversations.
According to sources familiar with the Trump-Armstrong call, the cryptocurrency industry is primarily focused on potential appointments to lead two major financial regulatory agencies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Key appointments at the SEC and CFTC
“The SEC is where all the damage is done,” said the source, identified by Fortune magazine as a prominent figure in Washington, D.C., in reference to the numerous lawsuits filed by SEC Chairman Gary Gensler.
With Gensler expected to leave by the end of the year, there is uncertainty about whether the agency will immediately dismiss many cases not directly related to fraud. The source indicated that the interim president may be less inclined to take such action.
The CFTC could see an expanded role in overseeing digital assets in the event of legislative changes that transfer some of the SEC’s regulatory powers to the commodities regulator.
According to Fortune, potential candidates to lead the CFTC include Summer Mersinger, the current commissioner, and Josh Sterling, an attorney at Milbank who has frequently represented cases in the industry.
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