On the American political stage, the crypto industry is experiencing a possible historic moment.

It has been reported that President-elect Donald Trump's team is in discussions with the digital assets industry to establish a new position at the White House dedicated to crypto policy.

It is worth mentioning that on the 19th, there were reports that Trump's social media company is in talks to acquire the crypto exchange company Bakkt, making people more optimistic about the future of the crypto industry under the Trump administration.

On Wednesday, the price of Bitcoin approached a record high of $0.098 million, getting closer to the anticipated milestone of $0.1 million. Stocks related to cryptos soared during the night market, with 'shadow stock' MicroStrategy up nearly 10%, MARA up over 14%, CleanSpark up almost 10%, Riot Platforms up nearly 6%, and Coinbase up over 3%.

"Crypto Tsar"

This potential position, if established, will become the first position dedicated specifically to cryptos in the history of the White House, highlighting not only the importance of the crypto industry in the Trump administration but also reflecting the industry's growing influence in the global financial system.

During his campaign, Trump showed clear support for the crypto industry.

He promised to dismiss the current chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, who has taken relatively strict regulatory measures against the digital assets industry. Trump also once bought hamburgers for supporters using bitcoin at a bar in New York.

Trump also plans to reduce regulations on the cryptocurrency industry and establish a new presidential advisory council specifically responsible for cryptocurrency affairs. These measures demonstrate Trump's friendly attitude towards the cryptocurrency industry, winning support from voters in this field in the election.

Insiders said that currently, the Trump team is reviewing candidates who may serve in this new position. Although it is not yet clear about the specifics of this position, whether it is a position of senior White House staff or a "crypto czar" responsible for coordinating policies between federal agencies, advocates of the crypto industry are pushing for this position to be able to report directly to Trump.

The establishment of this position will provide a direct channel for the cryptocurrency industry to communicate with the White House, helping to promote the industry's development and improve the regulatory environment.

Trump's support for cryptocurrencies is not limited to policy. Personally, he is also involved in the cryptocurrency business. He recently released his fourth batch of non-fungible tokens (NFTs) and participated in launching a new business called World Liberty Financial.

In addition, Trump has had multiple meetings with executives from bitcoin mining companies and cryptocurrency exchanges, and has participated in bitcoin conferences.

The market holds an optimistic view on the future of the cryptocurrency industry under the Trump administration.

Since Trump won the U.S. presidential election, the price of bitcoin has repeatedly reached new highs, with a cumulative increase of nearly 40%. It has more than doubled so far this year.

The rise in the price of bitcoin partly reflects the market's optimistic expectations for the future of the crypto industry under the Trump administration.

In addition, there were previous reports that Trump Media and Technology, a social media company under Trump, is in deep negotiations to acquire the crypto exchange platform Bakkt to expand its business scope.

Trump promised to retain 53% of the shares after the acquisition. Although the specific valuation has not been disclosed yet, Bakkt's market cap is slightly higher than 0.15 billion US dollars. On the 19th, this news drove up the stock prices of both companies, with Bakkt's stock price soaring by 162%, and TMTG's stock price rising by around 16.7%.

The user traffic on the Truth Social platform operated by TMTG is relatively small, but Trump's move demonstrates his determination to further enter the crypto market. Bakkt, founded by Intercontinental Exchange (ICE), still holds 55% of its economic interests. This acquisition does not include Bakkt's crypto custody business, which may be closed due to difficulties in profitability.

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Editor/Lambor