President Donald Trump followed his pre-election promises by initiating steps to revolutionize the crypto industry. In his first week as President, Trump issued a crypto executive order and appointed a few individuals to positions that could directly affect what happens in the crypto industry.
Trump instituted a crypto council alongside the executive order, tasking them to work on creating rules that will govern the industry. Despite the steps taken by the US President, most crypto community members remain observant, as they want to know who the President would appoint in certain positions.
The curiosity of crypto community members is justifiable, considering the prevailing perception about the former SEC chair, Gary Gensler, whom most crypto users consider an “enemy of the industry.” Gensler led the SEC under the last administration and spearheaded most lawsuits against crypto firms, earning himself a “crypto industry enemy” tag.
Related: SEC Leadership in Focus: Paul Atkins Backed as Top Candidate After Gensler
According to reports, President Trump intends to nominate former SEC Commissioner Paul Atkins as the next substantive SEC chair. However, Mark Uyeda, a pro-crypto commissioner, takes over in an acting capacity. Many supporters believed that Atkins’ appointment would mark a significant shift from Gensler’s strict oversight during the Biden era.
Besides the SEC, the US Treasury Department is key to the digital assets industry. During the last campaign, Trump promised to halt the planned sales of US-owned digital assets and implement a crypto stockpile. Analysts believe a pro-crypto Treasury Department Head would be significant in achieving Trump’s goal of making the US a leader in the crypto space.
Related: Trump Appoints Scott Bessent as Treasury Secretary, Eyes Crypto-Friendly SEC Chair Next
In line with his vision, Trump nominated Scott Bessent—a known pro-crypto advocate—as Treasury Secretary. Analysts viewed this nomination as consistent with Trump’s strategy of surrounding himself with like-minded individuals. With a drive toward greater crypto adoption, these picks might pave the way for regulations that encourage innovation without stifling growth.
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