President-elect Donald Trump reportedly held a private meeting with Brian Armstrong, CEO of cryptocurrency exchange Coinbase, on November 18, 2024, according to sources cited by the Wall Street Journal. While details remain scarce, the meeting was closed to the public, sparking speculation about possible discussions related to key appointments in the U.S. regulatory landscape.

Potential SEC Shake-Up

Armstrong has previously voiced his support for Hester Peirce as a candidate to lead the U.S. Securities and Exchange Commission (SEC). Known as a pro-crypto commissioner, Peirce has often criticized current SEC Chair Gary Gensler’s stringent regulatory approach. Other potential candidates reportedly include Dan Gallagher, the Chief Legal Officer at Robinhood, though Peirce herself has indicated she is not actively seeking the role.

Coinbase’s Political Engagement

Armstrong and Coinbase have shown support for pro-crypto policies, notably through contributions to the Fairshake super PAC, which backs crypto-friendly political candidates. This aligns with Armstrong’s pre-election support for Trump, reinforcing Coinbase’s commitment to fostering a more crypto-positive regulatory environment.

Further Engagements with Crypto Leaders

According to the New York Times, Trump’s team has been actively engaging with other key figures in the crypto industry, including executives from Circle, the issuer of USDC, and Ripple Labs. These discussions have reportedly also touched on potential regulatory appointments and strategies for the coming administration.

No Official Confirmation

As of now, neither Trump’s team nor Armstrong has confirmed the meeting. However, these developments suggest the new administration may be prioritizing crypto industry concerns and exploring ways to reshape regulatory policies that have been perceived as restrictive under the current SEC leadership.