President-elect Donald Trump was discussing potential cabinet appointments with Brian Armstrong, the CEO of cryptocurrency exchange platform Coinbase Global Inc. COIN, in a closed-door meeting Monday

What Happened: The conversation would focus on cabinet and senior post appointments as Trump shapes his second administration, The Wall Street Journal reported, citing sources familiar with the matter.

Coinbase didn’t immediately return Benzinga’s request for a comment.

See Also: Trump Digs Deeper Into Cryptocurrency? Bakkt Shares Soar On Reported Interest From President-Elect’s Media Company

Speculations pointed to Armstrong’s presence in Trump’s cryptocurrency presidential advisory council, which was mentioned as part of his election promise earlier this year.

The meeting comes at a time when the cryptocurrency industry increasingly looks forward to a supportive federal government under Trump, who pledged various pro-cryptocurrency initiatives during the election campaign.

Why It Matters: Armstrong welcomed what he called “America’s most pro-crypto Congress ever,” noting that over 219 pro-cryptocurrency candidates were elected to the House and Senate.

Coinbase’s top executive has been vocal about his vision for reducing government size and enhancing economic freedom, praising the idea of a Department of Government Efficiency, or DOGE, under Elon Musk and Vivek Ramaswamy.

There have also been speculations about Charles Hoskinson, the co-founder of Ethereum ETH/USD and Cardano ADA/USD, potentially serving as a cryptocurrency policy advisor in the Trump administration.

Price Action: Shares of Coinbase were down 0.74% in after-hours trading after closing up 6.40% on Monday, according to data from Benzinga Pro.

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