In the context of the evolving cryptocurrency market, leading American crypto companies like Ripple, Kraken, a16z, and Paradigm are competing to secure a position on President Donald Trump's Digital Currency Advisory Council. This council is not only an advisory body but also plays a crucial role in shaping policies related to cryptocurrency, coordinating activities among government agencies, and establishing a Bitcoin reserve fund for the United States.
✍️ Commitment to Reforming the Crypto Industry
Donald Trump has shown strong commitment to reviving the crypto industry, especially after a period of repression under the Biden administration and the policies of the Securities and Exchange Commission (SEC). This change is expected to bring a more favorable environment for the development of cryptocurrency in the U.S.
✍️ Potential for a "Crypto Czar"
Mr. Chris Giancarlo, former Chairman of the Commodity Futures Trading Commission (CFTC), is being considered for the position of "crypto czar," a completely new role at the White House. This appointment could mark a significant turning point in how the U.S. government manages and regulates the cryptocurrency industry.
✍️ Leadership Change at the SEC
Notably, Gary Gensler, currently the Chairman of the SEC, will resign on January 20, 2025, creating opportunities for changes in pro-crypto policies. This could lead to more flexible policies regarding crypto-related activities, which many investors and entrepreneurs in the industry are looking forward to.
✍️ Impact on the Bitcoin Market
Trump's positive start and actions reinforcing confidence in the crypto industry have helped Bitcoin's price rise nearly 50% since he took office, reaching nearly $99,000 on November 22, 2024. This reflects a strong recovery in the cryptocurrency market and the influence of political decisions on the value of digital assets.
✅ Conclusion
The establishment of a Digital Currency Advisory Council under the Trump administration is not only a step forward in restructuring policies towards cryptocurrency but also creates opportunities for leading American crypto companies to seize and shape the future of this industry. The change in leadership at the SEC and the potential involvement of key figures like Chris Giancarlo in the government will create a new landscape for the crypto industry in the United States.
