- The crypto market speculates who best fits the “Crypto Czar” role under the Trump administration.
- Brian Armstrong, Brian Brooks, and John Deaton are some of the potential contenders for the role.
Charles Hoskinson, founder of the Cardano blockchain, pitched Coinbase CEO Brian Armstrong for the “Crypto-Czar” role in the White House. This proposal ignited a heated debate within the crypto community.
The Race For A White House “Crypto-Czar”
The appointment of a potential “Crypto-Czar” to the White House comes as President-elect Donald Trump proposes establishing the position of advisor to steer federal crypto policies. In an X post, Hoskinson noted that Trump’s consideration reflects the growing importance of cryptocurrencies in the global economy.
Hoskinson underlined the need to appoint a neutral and knowledgeable “Crypto-Czar.” Thus, he endorsed Armstrong as his preferred candidate, highlighting his leadership at Coinbase, the largest US crypto exchange.
With respect to the idea of a Crypto-Czar at the Whitehouse, I feel the role needs to be filled with someone who is neutral, works with all the protocols, and has a deep understanding of why crypto is special as well as what the US government under Biden has done wrong.
There…
— Charles Hoskinson (@IOHK_Charles) November 20, 2024
Hoskinson praised Coinbase’s determination to remain a crypto pillar despite facing challenges from the current government. He criticized President Joe Biden’s administration for its regulation through enforcement, labeling it “unfair tactics.” The Cardano founder argued that Armstrong could bring the crypto industry together and convince the government to establish new regulations.
He also discussed how he intends to work directly with lawmakers, drawing on his experience helping Wyoming pass 31 crypto-friendly laws. Hoskinson added that he plans to launch Operation Baseline, an initiative by IOHK’s policy division, in January. He said the new project will help to identify inefficiencies and opportunities in the American crypto industry.
Hoskinson’s support of Armstrong has elicited conflicting responses from the crypto community. One X user, Ed n’ Stuf, who supports Hosinson’s idea, commented,
It’s important the Crypto Czar is not seen as partisan, so everyone buys in (not favoring any chain/ecosystem) as far as advisory. Charles will be playing the ground game and advising on the back end, I suspect, given his connections and resources.
However, another X user, Maxine, raised concerns about Armstrong’s association with centralized entities. “I don’t like the turn personally because Brian is bringing centralization in full swing in crypto. Whether it is technically through Base or via facilitating pension funds like BlackRock with custody,” Maxine opined.
Other Potential Candidates
Besides Armstrong, another potential candidate may be Brian Brooks, the former CEO of Binance.US. Brooks previously served as Coinbase’s Chief Legal Officer (CLO) and has experience with the overlap between crypto and TradFi.
While serving at the US Office of the Comptroller of the Currency (OCC), Brooks spearheaded initiatives to integrate digital assets into banking systems. According to a CNF report, Brooks now leads Bitfury, which plans to expand its Bitcoin mining operations and pursue an IPO.
Some crypto community members have also endorsed John. E. Deaton is a potential contender for the “Crypto Czar position.” Deaton is a well-established lawyer with expertise in crypto law and is highly involved in the Ripple vs SEC case. As CNF mentioned, Deaton contested against Democratic U.S. Sen. Elizabeth Warren in the just-concluded election with support from the crypto community.
Overall, Armstrong, Brooks, and Deaton bring distinct strengths. Whether it is any of them or another candidate, the decision will reflect how Trump’s new government intends to approach the intricacies of the crypto economy.
