On November 20, 2024, a significant phone call took place between President-elect Donald Trump and Brian Armstrong, CEO of Coinbase, which could shape the future of cryptocurrency regulation in the United States.
While initially reported as a private meeting, it was confirmed that the discussion was held over the phone. Armstrong, whose company has invested nearly $50 million in pro-crypto candidates, focused on broader issues within the crypto industry rather than specific regulatory appointments.
Key concerns revolve around potential leadership changes at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). With SEC Chairman Gary Gensler expected to depart by year-end, there are questions about whether the agency will dismiss ongoing lawsuits not directly tied to fraud. An interim chair may be less likely to take such actions.
Moreover, the CFTC might gain more authority over digital assets if legislative changes occur, potentially shifting some regulatory responsibilities from the SEC. Among candidates for the CFTC leadership are current commissioner Summer Mersinger and lawyer Josh Sterling, known for representing industry cases.
This discussion highlights the ongoing evolution of cryptocurrency regulation in the U.S. and its implications for the global crypto market.