After years of political marginalization, cryptocurrency executives are aggressively pursuing their policy agenda as they seek to fundamentally transform their industry’s standing in the United States. They are intensively lobbying President-elect Donald J. Trump and his allies, focusing on shaping key personnel decisions in the new administration and ending the regulatory crackdown on crypto companies.
Many top crypto executives are courting Howard Lutnick, a Bitcoin enthusiast who leads the financial firm Cantor Fitzgerald and serves as co-chair of Mr. Trump’s transition team. According to more than a dozen crypto executives, some of whom requested anonymity to discuss sensitive political maneuvering, Lutnick’s influence is being leveraged to advance the industry’s interests.
Industry Lobbying Efforts
Coinbase, a major crypto exchange, has been coordinating with Trump’s transition team to arrange a meeting between Lutnick and Coinbase’s CEO Brian Armstrong. This effort was confirmed by two people familiar with the discussions. Brad Garlinghouse, CEO of Ripple, another significant crypto firm, revealed that he had spoken with individuals close to Mr. Trump about personnel decisions for the incoming administration. Executives from Circle, a large U.S. crypto company, have also engaged with the transition team, according to a knowledgeable source.
Regulatory Priorities
The crypto industry’s primary objective is to reshape the Securities and Exchange Commission (SEC), which has been aggressively pursuing legal action against crypto firms. Among the candidates being considered to lead the SEC is Dan Gallagher, chief legal officer for Robinhood, the finance and crypto app. Three people familiar with the matter confirmed his candidacy. Another industry-backed candidate is Chris Giancarlo, a former regulator who has advised crypto companies, as revealed by one of the sources.
The image shows Senator JD Vance, now vice president-elect, with Howard Lutnick in September. Lutnick is a Bitcoin enthusiast and co-chairs the Trump transition team.
The industry’s efforts to influence the new administration reflect their desire to create a more favorable regulatory environment. By shaping key appointments and legislation, crypto executives aim to secure the freedom to operate more openly in the United States. Their intensive lobbying efforts and strategic engagement with the Trump transition team underscore the industry’s commitment to achieving these goals.
