What did Trump say on the phone with Coinbase CEO?

Source: Blockchain Knight

According to a report by Bitcoinist on Monday, US President-elect Trump plans to hold a private meeting with Brian Armstrong, CEO of US Crypto asset exchange Coinbase, which is expected to affect the US Crypto asset regulatory landscape.

Fortune magazine confirmed on Tuesday that the discussion took place over the phone, rather than a private meeting as initially reported.

During the call, Armstrong discussed broader issues regarding Crypto assets rather than specific appointment topics.

Unconfirmed reports also circulated on social media that another well-known figure in the field, Ripple Labs CEO Brad Garlinghouse, had directly approached Trump.

However, a spokesperson for Ripple said the company does not discuss private conversations.

According to sources familiar with Trump's call with Armstrong, the Crypto asset industry is mainly concerned about the appointment of leadership at two financial regulatory agencies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

“The SEC is where all the bad stuff happens, and Chairman Gary Gensler has filed a ton of cases,” the source said.

With Gensler expected to leave at the end of the year, there’s uncertainty over whether the agency will immediately dismiss many cases that aren’t directly related to fraud.

The interim chairman may be reluctant to take such action, the source noted.

The CFTC’s role in regulating digital assets could expand if legislation changes that would hand over some of the SEC’s regulatory powers to commodities regulators.

Potential candidates to lead the CFTC include current commissioner Summer Mersinger and Milbank attorney Josh Sterling, who frequently represents the industry in cases, Fortune reported.