Donald Trump talks with Coinbase CEO about SEC chair
Donald Trump, the incoming US president, met with Coinbase CEO Brian Armstrong.
Donald Trump, the incoming US president, has met with Coinbase CEO Brian Armstrong. That's according to the Wall Street Journal, citing insider information.
Reports say Armstrong and Trump discussed possible appointments for the new administration. Trump, a Republican, has already filled several key posts. A notable pick is Robert F. Kennedy Jr., a well-known Bitcoin advocate, who would lead the U.S. Department of Health and Human Services.
For Treasury Secretary, Howard Lutnick—CEO of Cantor Fitzgerald and also a Bitcoin fan—is mentioned.
Brian Armstrong played a big role in the election by donating millions of dollars through Coinbase. The crypto exchange had earlier said it was willing to work with either the Democratic or Republican administration, regardless of who wins: Kamala Harris or Donald Trump.
There's also speculation that Armstrong is advising Trump on picking a new head of the SEC (the financial regulator), as Gary Gensler is expected to step down. Armstrong has voiced support for a specific candidate: Hester Peirce, also known as "Crypto-Mom."
The talk between Donald Trump and Coinbase CEO Brian Armstrong could also have a different motive. According to the Financial Times, citing insiders, Trump's social media company, Trump Media, is negotiating a potential takeover by crypto exchange Bakkt.
After the talks were announced, shares of both companies jumped. Bakkt was founded in 2018 by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange. Yet Bakkt voiced concerns about its finances as recently as February.
Looks like Trump wants to expand his crypto business. He launched his own crypto project, World Liberty Financial, in September. Now it seems he wants to grow his portfolio further.
Beyond these personal crypto plans, as a potential president Trump could set up a strategic Bitcoin reserve for the US. What would that mean for Bitcoin's price? We analyzed it here: What happens if Bitcoin becomes the US strategic reserve.
