Author: Weilin, PANews
On December 23, the U.S. president-elect Trump announced that Bo Hines will serve as the executive director of the newly established Presidential Digital Asset Advisory Committee (referred to as the 'Crypto Committee'). Compared to other nominees, the 29-year-old Bo Hines is a newcomer to both politics and cryptocurrency, and he has not publicly stated his position on cryptocurrencies. Before entering politics, he was a college football player and ran for a seat in the North Carolina House of Representatives in both 2022 and 2024. Although he lost to a Democrat in 2022, he received Trump’s endorsement in the election, which may have established a connection with Trump.
Additionally, the specific structure and personnel of the crypto committee are still being planned. According to Bloomberg, decisions regarding the structure of the crypto committee will be made in the coming weeks, with both large and small scale options currently under consideration. The final member list is expected to be announced in January.
Supported by Trump in his campaign for state legislator, newcomer to both crypto and politics appointed as executive director of the crypto committee
Trump announced this appointment in a statement on Truth Social. 'Bo Hines will serve as the executive director of the Presidential Digital Asset Advisory Committee (the 'Crypto Committee'). This committee is a new advisory group composed of prominent figures from the crypto industry, chaired by our 'Crypto Tsar' David Sacks. Bo graduated from Yale University and Wake Forest University School of Law,' he said.
In this position, Bo Hines will 'work with David Sacks to drive innovation and growth in the digital asset space, while ensuring that industry leaders have the resources they need to succeed.' Trump stated, 'They will work together to create an environment that allows this industry to thrive and continue to be a cornerstone of technological advancement in our country.
Previously, PANews had written about 'Crypto Tsar' David Sacks (Related reading: The Diverse Background of White House Crypto Chief David Sacks: Silicon Valley Investor, Musk's Close Friend, Vance's Benefactor), while in contrast, the 29-year-old Bo Hines is a political newcomer with relatively little experience. Some analysts believe that Trump's move may be aimed at attracting younger crypto users.
Looking back at Bo Hines's political experience, in January 2021, Bo Hines announced his candidacy as a Republican for the House seat in North Carolina's 5th congressional district. In February 2022, the North Carolina Supreme Court ruled that the congressional district map in North Carolina was unconstitutional. After the district map in North Carolina was overturned, Hines decided to run in the newly defined 13th congressional district; however, controversies arose due to issues such as not residing within the district. On March 14, 2022, he received the endorsement of former President Trump, who referred to Hines as 'a fighter for conservative values.'
On May 17, 2022, Bo Hines defeated seven opponents in the Republican primary, securing 32% of the vote and winning by nearly double digits over his closest opponent. However, Hines narrowly lost the general election to Democratic State Senator Wiley Nickel. With Nickel's victory in the 13th district, along with another Democratic win in the newly drawn 14th district (due to population growth), North Carolina Democrats flipped one seat and gained another, resulting in a 7-7 tie in congressional representation for the state. Nevertheless, Bo Hines may have established a connection with Trump as a result.
In May 2022, Business Insider reported that Bo Hines primarily received campaign funding through PACs. Campaign finance disclosures showed that only 28% of Hines's campaign funds were self-raised, with most donations coming from individual contributors. It was reported that part of this funding came from FTX executive Ryan Salame. Ryan Salame is currently serving a seven-and-a-half-year sentence after admitting to charges including conspiracy to make illegal political donations.
In 2024, Bo Hines ran for Congress again, targeting North Carolina's 6th congressional district, but he lost in the Republican primary. This time, he did not receive Trump's support, as Trump endorsed the current Congressman Addison McDowell instead. Now, Trump has directly given him an appointment for a White House job, even though he had no prior public statements on cryptocurrencies.
Before entering political campaigns, Bo Hines served as a wide receiver for the North Carolina State University football team, later transferring to Yale University where he briefly continued his football career.
Following this appointment, in a related X tweet, Bo Hines expressed to Trump, 'It would be the honor of my life to serve in your next administration,' adding, 'I am very excited to work alongside the talented David Sacks to ensure this industry thrives and continues to be a cornerstone of technological advancement in our country.'
On December 23, Trump also announced several team members working alongside David Sacks, including Michael J.K. Kratsios as Director of the White House Office of Science and Technology Policy, Dr. Lynne Parker as Executive Director of the President's Council of Advisors on Science and Technology, and Sriram Krishnan as Senior Policy Advisor on AI at the White House Office of Science and Technology Policy.
The 'Crypto Committee' is about to be established, with industry insiders vying for influence
According to unnamed knowledgeable sources cited by Bloomberg, the incoming U.S. government is weighing two starkly different options to establish a long-awaited advisory committee for the crypto industry.
Trump and his core team are considering forming a committee with a minimum of 10 members or a maximum of 100 members. This committee will report to David Sacks. Sacks, as the first AI and cryptocurrency affairs head appointed by Trump, will oversee two independent committees corresponding to the two fields he is responsible for.
A small crypto committee composed of senior industry executives, including CEOs, will have a greater impact on policy; while a larger committee will resemble a ceremonial information-gathering body, with members from a broader range of fields.
Long before the election, executives from digital asset exchanges and Bitcoin mining companies began visiting Mar-a-Lago and donating substantial funds to Trump's campaign.
Recently, leading companies in the crypto industry have been intensively visiting Trump, trying to influence his personnel appointments and policies in the crypto field. On November 22, Reuters reported that Coinbase CEO Brian Armstrong recently met with Trump, and Circle CEO Jeremy Allaire also publicly expressed his willingness to join the committee. At the same time, Paradigm and the crypto division of Andreessen Horowitz (a16z) are also expected to secure a seat on the committee. Additionally, several crypto companies, including Ripple and Kraken, are competing for positions on the presidential advisory committee for cryptocurrency. This organized outreach is ongoing, and in November, Justin Sun stated that he invested $30 million in World Liberty Financial. Earlier in December, Crypto.com CEO Kris Marszalek met with Trump at Mar-a-Lago in Florida to discuss personnel appointments and regulatory issues in the crypto industry.
It is reported that the crypto advisory committee may belong to the White House National Economic Council or an independent White House department, with primary responsibilities including coordinating digital asset policies, working with Congress to develop crypto legislation, establishing a Bitcoin reserve, and collaborating with agencies such as the SEC, CFTC, and the Treasury.
Bloomberg reports that any decisions regarding the committee's structure will be made in the coming weeks, with the final composition and members expected to be announced in January. Trump is expected to sign an executive order shortly after taking office to formally establish the committee. Despite the enthusiastic lobbying from various industry figures, there is currently no official nomination process.