Numerous executives from crypto companies are vying for a spot on Trump's cryptocurrency committee, but some are warning that this is 'both the referee and the athlete.'
According to several executives in the digital asset industry, numerous crypto companies such as Ripple, Kraken, and Circle are competing for seats on the cryptocurrency advisory committee promised by elected president Trump, seeking a voice in his planned reforms of U.S. policy. While campaigning at a Bitcoin conference in Nashville in July, Trump promised to establish a new committee as part of a crypto-friendly government.
Sources say his transition team is discussing how to build and staff the committee and which companies should be included. Several leading U.S. crypto companies are scrambling to secure a seat. One source mentioned that this includes the venture capital firm Paradigm, while 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 major executives from U.S. Bitcoin and crypto companies will gain representation.' He arranged for Trump to speak at a July meeting and discussed Bitcoin policy with the elected president. Bailey said, 'People are eager to provide advice and opinions.' A spokesperson for Kraken and a spokesperson for a16z declined to comment.
A knowledgeable source confirmed a Wall Street Journal report on Monday that Coinbase CEO Brian Armstrong recently met with Trump. It is unclear what they discussed. The source added that Coinbase, as the largest cryptocurrency exchange in the U.S., is also interested in joining the committee. Circle CEO Jeremy Allaire stated in an interview this month that he hopes to join the committee.
Two knowledgeable sources said that the cryptocurrency committee may be situated under the White House's National Economic Council (which is responsible for coordinating and implementing the president's economic policy) or under an independent agency within the White House. They and other executives indicated 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.
A source said that the committee may also include law 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 'czar' position for cryptocurrency.
Reuters previously reported that former CFTC Chairman Heath Tarbert (Circle's Chief Legal Officer) and former Republican CFTC Commissioner Brian Quintenz (a16z's Head of Policy for Crypto) have been advising Trump's transition team on cryptocurrency policy.
Excitement over Trump's administration being friendly to cryptocurrency helped Bitcoin prices reach historic highs and get closer to the long-standing $100,000 milestone. Trump garnered support and campaign donations from the industry by promising to be the 'crypto president' and ending Biden's crackdown on crypto companies accused of violating securities and anti-money laundering laws.
Trump is also pushing for the issuance of an executive order to ensure that crypto companies can access banking services, end enforcement actions against them, and make other changes. Some consumer groups have warned that the cryptocurrency industry should not be 'both the referee and the athlete,' and some sources say ethical considerations may slow down personnel appointments.
But others have argued that involving industry experts in key policy issues makes sense. Nathan McCauley, CEO of the 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 wise choice.'
He urged the Trump team to reverse Biden's stance on cryptocurrency. While the presidential advisory committee is not a new concept, there has never been a committee specifically for cryptocurrency, which only emerged with the launch of Bitcoin in 2009.
The Biden administration has several committees, including a Science and Technology Committee, which was established by executive order in his first month in office. Kristin Smith, CEO of the cryptocurrency trade group Blockchain Association, said establishing a cryptocurrency committee is something Trump 'could accomplish quickly.'#BabyMarvinf9c7您拥有您值得 
