The crypto advisory council established by US President Donald Trump is becoming the center of attention, as major US crypto companies such as Ripple, Kraken, a16z, and Paradigm are lobbying hard to gain seats on this important agency. This is seen as the first step in the plan to establish a strategic reserve fund $BTC that Mr. Trump pledged during his election campaign.
Crypto Council: Role and Mission
According to Reuters, the council will be responsible for:
Build crypto policies that align with national interests.
Coordinate with regulatory agencies, especially the US Securities and Exchange Commission (SEC).
Establish a Bitcoin reserve fund to protect the long-term financial interests of the United States.
Connecting the White House with financial institutions and crypto technology.
Campaign Promises
During his election campaign, he #TRUMP pledged to:
Revitalize the crypto industry by establishing a clear legal framework.
Supporting blockchain businesses in the US.
Create a strategic Bitcoin reserve to put America at the forefront of this field.
These promises have attracted a lot of attention from the crypto community, causing the price of Bitcoin and other cryptocurrencies to continuously increase after Mr. Trump was elected.
Crypto Personnel Race in Trump Administration
In addition to establishing an advisory council, Mr. Trump is also expected to appoint an official specializing in crypto policy, the first in US history. According to Fox Business, potential candidates for this position are:
Chris Giancarlo: Former Chairman of the Commodity Futures Trading Commission (#CFTC ), who was dubbed “Crypto Dad” for his strong crypto stance. However, Mr. Giancarlo turned down the SEC leadership because he did not want to deal with the “mess” left by Gary Gensler.
Additionally, some other names being considered for the position of SEC Chairman include:
Teresa Goody Guillén: Lawyer with radical views on cryptocurrencies.
Some SEC commissioners are friendly to the crypto industry.
Other Notable Nominations
The new Trump administration is bringing together many figures closely related to the cryptocurrency industry, such as:
Howard Lutnick (CEO of Cantor Fitzgerald): Nominated for Secretary of Commerce. This company manages a large amount of US Treasury bonds used as collateral for the USDT stablecoin.
Robert F. Kennedy Jr.: Nominated for Secretary of Health and Human Services, who has said he invested most of his personal wealth in Bitcoin.
Elon Musk: Appointed to lead the Department of Government Efficiency (D.O.G.E.), an initiative inspired by the memecoin Dogecoin.
Big Impact on Crypto Market
Mr. Trump's open and crypto-friendly steps have brought great confidence to investors, as shown by:
Bitcoin price has increased by nearly 50% since Mr. Trump was elected, reaching nearly $99,000 on November 22, 2024.
Increased investment inflows from Wall Street, especially through Bitcoin ETF products.
This advisory council not only marks an important step forward in shaping crypto policy in the US, but also a strong signal for the revival of the cryptocurrency industry under the Trump administration.