As Bitcoin soars to record highs, cryptocurrency executives are maneuvering to influence Donald J. Trump’s transition and secure their policy goals.
A cryptocurrency enthusiast as chair of the Securities and Exchange Commission. A presidential committee stacked with industry loyalists. And legislation to let crypto companies operate freely in the United States.
After years in the political wilderness, crypto executives are scrambling to execute a policy wish list that could fundamentally transform the industry’s standing in the United States. They are intensively lobbying President-elect Donald J. Trump and his allies, seeking to shape decisions about key personnel in the new administration and end a regulatory crackdown on crypto companies.
Many top executives are courting Howard Lutnick, a Bitcoin enthusiast who heads the financial firm Cantor Fitzgerald and is a co-chair of Mr. Trump’s transition team, according to more than a dozen crypto executives, some of whom requested anonymity to discuss sensitive political maneuvering.
Coinbase, the crypto exchange, has been coordinating with Mr. Trump’s transition team to arrange a conversation between Mr. Lutnick and Brian Armstrong, the company’s chief executive, two people with knowledge of the discussions said. Brad Garlinghouse, the chief executive of Ripple, another crypto firm, said he had spoken with people close to Mr. Trump about personnel decisions for the new administration. Executives at Circle, a large U.S. crypto firm, have also communicated with the transition team, a person with knowledge of the matter said.
The industry’s top priority is reshaping the S.E.C., which has aggressively pursued crypto firms in court. Among the candidates to run the agency is Dan Gallagher, the chief legal officer for Robinhood, the finance and crypto app, three people with knowledge of the matter said. Another candidate backed by the industry is Chris Giancarlo, a former regulator who has served as an adviser to crypto companies, one of the people said.