A wave of crypto firms, including Ripple, Kraken, and Circle, is vying for a place on President-elect Donald Trump’s anticipated crypto advisory council.
The council, part of Trump’s pledge to create a crypto-friendly administration, could shape U.S. digital asset policy, Reuters reported. Sources revealed that his transition team is currently exploring its structure, staffing, and potential participants.
This initiative marks a groundbreaking moment for the crypto world. While presidential advisory councils are common, a dedicated council for cryptocurrencies is unprecedented.
It reflects the sector’s dramatic growth since Bitcoin’s debut in 2009. The council is expected to advise on regulations, work with Congress, and coordinate with federal agencies like the SEC and CFTC.
Leading Crypto Players Seek Influence
Top crypto companies are eager to claim a spot. According to insiders, venture firm Paradigm and Andreessen Horowitz’s crypto division, a16z, are likely contenders. Brian Armstrong met with Trump, sparking speculation about Coinbase’s interest. Meanwhile, Circle CEO Jeremy Allaire has publicly expressed his desire to join the council.
David Bailey, CEO of Bitcoin Magazine and an organizer of Trump’s appearance at a July Bitcoin conference, said the council is expected to include major industry executives. “People are eager to advise and give input,” Bailey noted.
However, some stakeholders, including representatives from Kraken and a16z, have declined to comment on their involvement.
Focus on Crypto Legislation and Policy
The advisory council may fall under the National Economic Council or a new White House entity, according to sources. Its responsibilities could include drafting crypto legislation, establishing a U.S. Bitcoin reserve, and advising on enforcement actions.
Trump’s team is also considering appointing a “crypto tsar” to lead the council, with names like Heath Tarbert, Circle’s chief legal officer, and Brian Quintenz, a16z’s policy head, being floated as potential candidates.
Despite enthusiasm within the industry, critics warn of ethical concerns. Some argue that allowing the crypto sector to shape its own rules could lead to biased policymaking. Others, like Anchorage Digital CEO Nathan McCauley, defend the idea, stating it is “wise to include industry experts in crafting strategic policies.”
Bitcoin Nears Historic $100K Milestone
The excitement surrounding Trump’s crypto-friendly stance has fueled a significant Bitcoin rally. The cryptocurrency is trading at $99,000.70, just shy of the highly anticipated $100,000 mark. This represents a 45% surge over the past few weeks.
Trump’s promise to be a “crypto president” has drawn significant industry support, especially following his criticism of President Joe Biden’s regulatory crackdown on crypto firms. The sector hopes for executive orders ensuring access to banking services, halting enforcement actions, and fostering a more accommodating regulatory environment.