Donald Trump’s efforts to fulfill his crypto-related promises appear to include significant discussions with top industry leaders, including a potential acquisition of Bakkt, a major digital asset trading platform.
President-elect Donald Trump is reportedly set to meet with Brian Armstrong, the CEO of Coinbase, to discuss key appointments within his administration as interest in cryptocurrencies spiked following the November 5 elections.
Before Trump’s January 2025 inauguration, plans for reshuffling federal agencies were already in motion. Notably, Trump nominated former SEC Chairman Jay Clayton to the U.S. Attorney’s Office for the Southern District of New York, which subsequently announced plans to reduce its crypto-related litigation. Amid growing pressure, current SEC Chair Gary Gensler hinted at resignation, with digital asset industry figures criticizing his tenure for not providing clear guidelines for the sector.
With the crypto industry eyeing Trump’s upcoming choice for U.S. Treasury Secretary, experts like Nic Carter see this position as crucial to reversing the current regulatory stance and re-opening banking access for blockchain businesses. Top contenders for the role include former Federal Reserve Board member Kevin Warsh, Cantor Fitzgerald CEO Howard Lutnick, and Scott Bessent of Key Square Group.
Meanwhile, Trump’s Media & Technology Group (TMTG), which owns the social media platform Truth Social, is reportedly in advanced talks to acquire Bakkt in an all-stock deal, according to the Financial Times. The potential deal would expand Trump’s influence within the crypto space, as digital currencies like Bitcoin continue to surge in value.
Despite TMTG’s $6 billion valuation, the company’s revenue for the year stands at just $2.6 million. Bakkt, originally founded by Kelly Loeffler, a former Republican senator, is majority-owned by the Intercontinental Exchange (ICE), which holds 55%. However, certain parts of Bakkt’s operations, including its crypto custody business licensed in New York, may be excluded from the acquisition.
This move follows Trump’s recent endorsement of World Liberty Financial, another crypto venture, suggesting that his administration could align more closely with the digital asset industry.
The acquisition would offer TMTG a way to diversify its assets and capitalize on the growing adoption of cryptocurrencies, although details, including ICE’s continued involvement, remain under negotiation.
