On Monday, Bitcoinist reported that President-elect Donald Trump was scheduled to have a private meeting with Brian Armstrong, the CEO of US-based crypto exchange Coinbase, expected to influence the landscape of cryptocurrency regulation in the United States.
Coinbase CEO Discusses Crypto Landscape With Trump
Fortune confirmed on Tuesday that the discussion took place over a phone call, not a private meeting as originally reported. During the call, Armstrong, whose company has invested nearly $50 million in supporting pro-crypto candidates – including Trump – discussed broader issues surrounding crypto rather than specific appointments.
There are also unverified reports circulating on social media that another prominent figure in the space, Brad Garlinghouse, CEO of Ripple Labs, has had direct access to Trump. However, Ripple’s spokesperson has stated that the company does not discuss private conversations.
According to sources familiar with the Trump-Armstrong call, the crypto industry is primarily focused on potential appointments to lead two key financial regulatory agencies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Key Appointments At SEC And CFTC
“The SEC is where all the damage is being carried out,” said the source, whom Fortune identified as a prominent figure in Washington, D.C., referring to the numerous lawsuits brought by SEC Chairman Gary Gensler.
With Gensler expected to leave by the end of the year, there is uncertainty regarding whether the agency will promptly dismiss many cases not directly related to fraud. The source indicated that an interim chair might be less inclined to take such action.
The CFTC could see an expanded role in overseeing digital assets if legislative changes occur that transfer some of the SEC’s regulatory powers to the commodities regulator.
According to Fortune, among the potential candidates to lead the CFTC are Summer Mersinger, a current commissioner, and Josh Sterling, a lawyer at Milbank who has frequently represented cases in the industry.
Featured image from DALL-E, chart from TradingView.com