- • A slew of crypto companies including Ripple, Kraken and Circle are jostling for a seat on President-elect Donald Trump’s promised crypto advisory council
- • The council is expected to advise on digital asset policy, work with Congress on crypto legislation, establish Trump’s promised bitcoin reserve and coordinate between agencies
- • Trump’s transition team is also discussing creating a crypto “tsar” role, which would likely lead the council
President-elect Donald Trump promised to form a crypto advisory council during his administration. Major crypto companies like Ripple, Kraken, and Circle are competing for a position on the council to influence policy.
Trump’s Promise of a Crypto-Friendly Administration
While campaigning at a bitcoin conference in July, Trump said he would create a council to advise on crypto policy as part of a crypto-friendly administration. His transition team is deciding how to structure the council and which companies should join.
Companies Seeking Inclusion
Leading U.S. crypto firms want to be on the council, including venture capital firms Paradigm and Andreessen Horowitz’s crypto division. Coinbase CEO Brian Armstrong recently met with Trump and is also interested in joining. Circle CEO Jeremy Allaire has also expressed wanting a seat.
Potential Setup and Responsibilities
The council may operate under the National Economic Council or have its own White House apparatus. It is expected to advise on crypto policy, coordinate with regulatory agencies, work with Congress on legislation, establish a bitcoin reserve promised by Trump, and include former policymakers.
Industry Impact
The crypto industry hopes a supportive administration will end Biden’s crackdowns and guarantee access to banking. Some warn against letting the industry dictate its own rules, but others say experts should help shape policy. The council would be the first of its kind since bitcoin’s creation in 2009. Its formation could come quickly via executive order.
Conclusion
Major crypto companies are eagerly competing to join Trump’s advisory council and steer policy in their favor. Despite ethical concerns, advocates argue the industry deserves a voice on critical issues it understands best. The council marks unprecedented White House involvement in crypto policy.
