According to insiders familiar with the transition work, President-elect Trump's team is discussing whether to establish a new position in the White House specifically responsible for cryptocurrency policy.

Sources said that Trump's team is reviewing potential candidates for this position. If the new position is established, it would be the first dedicated position for cryptocurrencies in the White House's history, highlighting the potential influence that this emerging industry may have in the upcoming administration.

Insiders say it is currently unclear whether there will be a senior White House position or a "cryptocurrency czar" - a liaison responsible for overseeing internal policy and regulation within the federal government. They indicated that advocates of the crypto industry are pushing for this position to report directly to Trump.

The Trump transition team did not respond to requests for comment.

During the campaign, Trump expressed support for the cryptocurrency industry, promising to dismiss the current Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, who has taken strict regulatory measures against the digital assets industry.

Trump also plans to reduce regulations and establish a new Cryptocurrency Presidential Advisory Committee. According to several individuals familiar with the discussions, supporters of cryptocurrencies are currently vying for seats on this committee.

This summer, Trump met with executives from Bitcoin mining companies and cryptocurrency exchanges multiple times, and attended a Bitcoin conference in July. Trump himself owns multiple cryptocurrency businesses. He recently released his fourth batch of non-fungible tokens (NFTs) and helped launch a new business called World Liberty Financial.

According to sources, discussions about the cryptocurrency position include leading a small team, serving as a liaison between Congress, the White House, and various institutions with jurisdiction over cryptocurrencies, including the SEC and the Commodity Futures Trading Commission (CFTC). Futures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market.Committee (CFTC).

In recent days, cryptocurrency supporters have visited Trump's private club at Mar-a-Lago, where the Trump team has been conducting personnel discussions and interviewing potential candidates.

According to insiders, former executives of Coinbase Global Inc. and Binance.US, Brian Brooks, met with Trump on Tuesday, with Brooks being one of the potential candidates for the SEC Chair position. Brian Armstrong, CEO of Coinbase Global Inc., also had a conversation with Trump this week. A Coinbase spokesperson declined to comment.