The next administration may include a White House official specifically to oversee crypto policy. It's unclear just what this person might do, what sort of budget or staff they may command or just how much authority they will wield. Nevertheless, there are discussions about creating a crypto czar to either oversee policymaking or liaise with policymakers.
Bloomberg first reported that Trump might appoint a crypto czar.
As a White House position, the role would likely be more focused on political engagement than policymaking, perhaps as a liaison with federal regulators or the independent agencies. The czar could drive the White House's priorities around crypto — whatever those might end up being — as lawmakers draft bills. A lot remains to be seen.
Trump's business ventures also appear to be tightening their relationships with the industry. World Liberty Financial, the Trump-backed crypto project, sold $30 million worth of WLFI tokens on Monday to Justin Sun, best known for his roles with Tron and HTX (formerly Huobi), as well as his brief stint as an ambassador for Grenada to the World Trade Organization.
Prior to Sun's buy, World Liberty Financial had only sold about $21 million worth of tokens. At the $30 million mark, a company Trump controls would begin to receive proceeds from further sales — and Sun's buy pushed the total sales past that threshold. World Liberty Financial's sales, which had been sluggish prior to Monday, also saw additional boosts from other buyers after Sun's purchase.
World Liberty Financial announced Sun would join it as an adviser a day later.
Another of Trump's companies, Trump Media and Technology Group — Truth Social's parent company — is considering acquiring Bakkt, a crypto trading platform launched by Intercontinental Exchange (ICE, the New York Stock Exchange's parent company), according to The Financial Times. Bakkt's first CEO was Kelly Loeffler, who was later appointed a U.S. Senator and is the wife of ICE CEO Jeffrey Sprecher. Loeffler is also a co-chair of Trump's inaugural committee.
TMTG's interest in Bakkt was reported a day after Truth Social applied for a trademark for "TRUTHFI," which the application said would refer to digital wallet software that includes cryptocurrency payment processing and custody services. The New York Times first reported on the application.
