On November 18, Donald Trump met with Coinbase CEO Brian Armstrong to discuss appointments to his upcoming administration and other aspects of crypto policy.
Administration Appointments
This meeting marked the first since Election Day, highlighting Trump's interest in collaborating with crypto industry leaders. Trump expressed his intention to establish a cryptocurrency advisory panel if elected, proposing to replace current SEC Chairman Gary Gensler with a more pro-crypto leader.
Crypto Industry's Influence on U.S. Politics
Armstrong has been a vocal critic of the current SEC leadership and supported Hester Peirce, a sitting SEC commissioner, as the 'best choice' to chair the agency under a Trump administration. Trump's pro-crypto stance and regulatory plans signal potential alignment with the crypto industry.
Spending on Crypto Industry Support
Federal Election Commission data shows Coinbase and Armstrong contributed over 49 million dollars to PACs supporting the crypto industry during the 2024 election cycle. These PACs spent 131 million dollars in this cycle.
These meetings underline the growing influence of the crypto industry on U.S. politics, especially considering the substantial donations and involvement in political processes.
