According to several executives from the digital asset industry, numerous crypto companies, including Ripple, Kraken, and Circle, are competing for seats on the cryptocurrency advisory committee that President-elect Trump has promised to establish, seeking a voice in his planned U.S. policy reforms.
During a Bitcoin conference in Nashville in July, Trump promised to establish a new committee as part of a crypto-friendly government. Insiders say his transition team is discussing how to build and staff this committee, as well as which companies should be included.
Several top U.S. crypto companies are vying for a position on this committee. One insider said that venture capital firm Paradigm is among them, and the crypto division of venture capital giant Andreessen Horowitz, a16z, is also expected to secure a seat.
(Bitcoin Magazine) CEO David Bailey said, "This is being refined, but I expect that major executives from U.S. Bitcoin and crypto companies will gain representation." He arranged for Trump to speak at the July conference and discussed Bitcoin policy with the elected president. Bailey said, "People are eager to provide advice and input."
Spokespeople for Kraken and a16z declined to comment.
An insider confirmed a report from the Wall Street Journal on Monday stating that Coinbase CEO Brian Armstrong recently met with Trump. The content of their discussion remains unclear. The insider added that Coinbase, as the largest cryptocurrency exchange in the U.S., is also interested in joining the committee.
Circle CEO Jeremy Allaire said in an interview this month that he hopes to join the committee.
Two insiders said the cryptocurrency committee might be situated under the White House's National Economic Council (which coordinates and implements the president's economic policy) or under an independent agency of the White House.
They and other executives stated that the committee is expected to provide advice on digital asset policy, collaborate with Congress to formulate cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate among agencies such as the SEC, CFTC, and Treasury. One insider said the committee may also include enforcement representatives and former policymakers.
Two sources said that Trump's transition team (which did not respond to a request for comment) is also discussing the creation of a cryptocurrency "czar" position.
Reuters previously reported that former CFTC Chairman Heath Tarbert (Circle's Chief Legal Officer) and former Republican CFTC Commissioner Brian Quintenz (a16z's crypto policy director) have been advising Trump's transition team on cryptocurrency policy.
Excitement over the Trump administration's friendly stance toward cryptocurrency has helped Bitcoin reach an all-time high, coming closer to the long-anticipated $100,000 milestone.
Trump has garnered support and campaign contributions from the industry by promising to become the "crypto president" and to end Biden's crackdown on crypto companies accused of violating securities and anti-money laundering laws. Trump is also pushing for an executive order to ensure crypto companies can access banking services, end enforcement actions against them, and make other changes.
Some consumer groups warn that the cryptocurrency industry should not "be both the referee and the player," and some insiders say ethical considerations may slow down personnel appointments. But others argue that involving industry experts in key policy issues makes sense.
Nathan McCauley, CEO of crypto platform Anchorage Digital, said, "Bringing together those who understand how the industry should be regulated and how to position the industry as a strategic asset is definitely a smart move." He has urged the Trump team to reverse Biden's stance on cryptocurrency.
While presidential advisory committees are not a new concept, there has never been a committee specifically for cryptocurrency, which only emerged with Bitcoin's launch in 2009. The Biden administration has several committees, including the Science and Technology Committee, which was established by executive order in the first month of his presidency.
Kristin Smith, CEO of the blockchain association, said that forming a cryptocurrency committee is something Trump "could do quickly."
Article republished from: Jin Shi Data
