Crypto firms like Ripple and Coinbase are vying for spots on Trump’s crypto advisory council.
Trump’s proposed council will help shape U.S. crypto policy with industry leaders involved.
A “crypto czar” role could lead the council, with Chris Giancarlo as a top contender.
Several leading crypto companies are competing for positions on President-elect Donald Trump’s proposed crypto advisory council as he looks to overhaul U.S. cryptocurrency policy. Ripple, Kraken, Circle, Coinbase, and venture firms Paradigm and Andreessen Horowitz’s crypto arm (a16z) are among the names vying for a seat at the table. The council is expected to play a key role in shaping the future of digital assets under the Trump administration.
Council Structure Debates
Trump first unveiled the plan for the council at a Bitcoin conference in Nashville in July when he outlined the policy agenda for digital assets. As indicated in the report on Friday, the council’s structure and its members are still being debated.
David Bailey, the CEO of Bitcoin Magazine, coordinated Trump’s address at the conference. Bailey believes that leading US crypto entrepreneurs will participate in the council. He explained that everyone wants to give their opinion and suggestions. His remarks come as crypto community members express an increasing desire to shape policy in the Trump administration.
Circle CEO Jeremy Allaire has recently expressed willingness to be part of the council. Coinbase CEO Brian Armstrong and other council members also met with Trump regarding the council, but the meeting details still need to be discovered.
Role Under NEC
The Crypto Advisory Council will most probably function as part of the National Economic Council (NEC), which is based in the White House and is responsible for US economic policies. Its role will include advising on digital asset regulation, helping to implement Trump’s promised Bitcoin reserve, and coordinating with agencies like the SEC, CFTC, and U.S. Treasury. The council will also work to establish clear policies for the growing crypto industry.
Besides the advisory council, Trump’s team also plans to appoint a “crypto czar.” This position would head the committee and be responsible for charting the path to regulating cryptocurrencies. Chris Giancarlo, the former head of the Commodity Futures Trading Commission (CFTC), is leading the race.
Crypto-Friendly Policies
Bitcoin prices have experienced an upward trend, as investors anticipate a more favorable environment for crypto assets. The promise of Trump to be the “crypto president” and the undoing of the Biden administration’s aggressive regulatory approach to crypto has also been welcomed by the sector.
This is a new phase for the United States crypto industry, which has rapidly developed over the past few years. With important stakeholders within the sector now part of the council, it is well-placed to define the future of crypto policy. The future of U.S. crypto regulation could be closer than ever with the Trump administration leading the way.
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