Report: Trump and Coinbase CEO Brian Armstrong to Discuss Personnel Appointments
President-Elect Donald Trump reportedly is meeting with Coinbase CEO Brian Armstrong to discuss the incoming administration’s personnel appointments.
The meeting would mark the first time they have met since the day of the election, the Wall Street Journal (WSJ) reported Monday (Nov. 18), citing unnamed sources.
Trump said during the campaign that if elected, he would form a presidential advisory commission focused on bitcoin and crypto and with developing transparent regulatory guidance in the sector, according to the report.
Armstrong has publicly said that the best choice to lead the Securities and Exchange Commission (SEC) during the new administration is former Trump SEC Commissioner Hester Peirce, per the report.
When addressing a federal appeals court in September, Coinbase said it aimed to force the SEC to create new rules for digital assets.
The cryptocurrency exchange sued the SEC last year after the regulator denied its petition for a new rulemaking, seeking to compel it to do so.
Coinbase wanted the SEC to provide clarity on when a digital asset is a security and to create a market structure framework compatible with cryptocurrencies, while the SEC said current regulations can cover the crypto sector.
Also in September, Coinbase said it planned to continue its “elevated policy spend” through the U.S. presidential election and beyond as it faces issues in other parts of the world.
Speaking at a conference at the time, Coinbase Chief Financial Officer Alesia Haas said regulation of crypto would create clarity in the sector, Coinbase was pleased to see bipartisan effort in seeking such legislation, and the company would work with any administrator or legislator to do so.
In May, it was reported that political action committees (PACs) backed by the cryptocurrency sector, including Coinbase and Armstrong, had become one of the top three fundraisers in the 2024 election season.
The crypto super PACs were raising money in hopes of influencing policies at a time when both legislators and regulators were scrutinizing the crypto industry, Reuters reported.
Coinbase Chief Legal Officer Paul Grewel said in June 2023 that the company would seek a legislative solution while battling a lawsuit by the SEC.
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