According to the Zhitong Finance APP, multiple executives in the digital asset industry have revealed that a range of cryptocurrency companies, including Ripple, Kraken, and Circle, are vying for seats on the cryptocurrency advisory committee promised by President-elect Donald Trump, seeking a voice as Trump reforms U.S. policies.
In July, Trump promised to establish a new committee at a Bitcoin conference in Nashville as part of a cryptocurrency-friendly government. Sources said that Trump's transition team is discussing how to organize and arrange personnel and which companies should be included.
Several top cryptocurrency companies in the U.S. are competing for seats. One source noted that among them is the venture capital firm Paradigm, while the crypto division of venture capital giant Andreessen Horowitz, a16z, is also expected to secure a seat.
David Bailey, CEO of Bitcoin Magazine and a cryptocurrency advisor to Trump's campaign team, stated, 'The agenda is being fleshed out, but I expect executives from U.S. Bitcoin and cryptocurrency companies to attend the meeting.' Bailey arranged for Trump to speak at a meeting in July and discussed Bitcoin policy with Trump.
Bailey stated, 'People are eager to provide advice and feedback.'
According to sources, Coinbase (COIN.US) CEO Brian Armstrong recently met with Trump, and it is unclear what they discussed. Sources added that Coinbase, the largest cryptocurrency exchange in the U.S., is also interested in joining the committee.
Circle CEO Jeremy Allaire stated to the media this month that he hopes to join the committee.
Two sources said the cryptocurrency committee could be affiliated with the White House's National Economic Council, which is responsible for coordinating and implementing the president's economic policies, or it could become a separate White House entity.
Sources and executives indicated that the cryptocurrency committee is expected to provide advice on digital asset policy, collaborate with Congress to develop cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate among agencies such as the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. One source noted that the committee may also include law enforcement representatives and former policymakers.
Two sources said that Trump's transition team is also discussing the establishment of a cryptocurrency 'tsar' position. One source added that the 'tsar' could lead the committee. According to media reports on Wednesday, Trump's team is reviewing candidates for the position.
It has been reported that former CFTC Chairman and Circle's Chief Legal Officer Heath Tarbert, along with former Republican CFTC Commissioner and a16z's crypto policy head Brian Quintenz, have been providing cryptocurrency policy advice to Trump's transition team.
Driven by optimism over the Trump administration's support for cryptocurrency development, Bitcoin prices have reached historic highs and are approaching the $100,000 milestone.
Trump has promised to be the 'cryptocurrency president' and end President Joe Biden's crackdown on cryptocurrency companies in order to seek support and campaign donations from the industry. U.S. regulators have accused cryptocurrency companies of violating securities and anti-money laundering laws.
The cryptocurrency industry is pushing for policy changes to ensure that cryptocurrency companies can access banking services, terminate law enforcement actions, and make other reforms.
Some consumer groups warn that the cryptocurrency industry should not have the authority to set rules, and some sources say ethical considerations may slow down personnel appointments. However, others believe it makes sense for industry experts to have a voice on key policy issues.
Nathan McCauley, CEO of cryptocurrency platform Anchorage Digital, stated, 'Forming a committee is absolutely a wise choice, they... understand how the industry should be regulated and how to position the industry as a strategic asset.' He urged the Trump team to reverse Biden's stance on cryptocurrencies.
While the presidential advisory committee is not a new concept, there has never been a committee specifically for cryptocurrencies.
The CEO of the Blockchain Association, Kristin Smith, stated that establishing a cryptocurrency committee is something Trump 'can accomplish quickly'.
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