- Major firms like Ripple, Circle, and Coinbase compete for seats on Trump’s Crypto Advisory Council to shape U.S. policies.
- Proposed under the NEC, the council aims to redefine crypto regulation, with plans for a Bitcoin reserve and streamlined policies.
- Market optimism rises as Trump pledges to be the “crypto president,” signaling a shift toward innovation-friendly crypto regulations.
The crypto market is abuzz with activity as many of the biggest companies are vying for positions on President-elect Donald Trump’s Crypto Advisory Council. A council that is proposed to re-assess the current digital assets policy of the United States is likely to have this members of the council such as Ripple, Kraken, Circle, Coinbase, Paradigm, and a16z, the crypto wing of venture capital firm Andreessen Horowitz.
According to a recent report, Trump originally proposed the idea at a Bitcoin conference in Nashville in the first part of this year outlining how he sees the future of digital asset regulation. His government has put itself at the center of cryptocurrency development, which is in stark contrast to the more stringent approach that was taken by the previous government. The council is expected to be established under the National Economic Council (NEC) and shall act as a policy making body to offer strategic direction on the policies.
Crypto Leaders’ Interest
David Bailey, CEO of Bitcoin Magazine, who organized Trump’s Nashville speech, said there was a lot of interest among the industry’s elites. The community is willing to contribute and be part of the decision-making process of this industry Bailey said, on the enthusiasm of the council. Industry participants view the advisory group as the only chance to synchronize the legal environment with the requirements of the new generation of the digital assets market.
President of Circle Jeremy Allaire is ready to join, while the head of Coinbase Brian Armstrong and other managers have already met with Trump to discuss the creation of the council. Details of these deliberations are still limited, but interest in the council’s shape and aims continues to grow.
The advisory council’s responsibilities may encompass the creation of rules covering the entire digital assets space as well as providing input into the proposed establishment of a Bitcoin reserve as well as interactions with the SEC, CFTC, and U.S. Treasury. These efforts help give much needed direction to a sector that has been accused of being overambitious in its regulation.
Crypto czar Proposal
A new development to the initiative is the proposal to create a ‘crypto czar’ to head the council and coordinate the regulation of digital currencies. The post is expected to go to former CFTC chairman Chris Giancarlo who has been one of the most vocal supporters of digital assets. It will help the crypto czar to contribute in the formulation of sound and strategic approaches to the development of the industry.
Since the council’s announcement, the market has already been affected. The price of Bitcoin and have risen due to investors expectation of better regulation under Trump’s administration. He has claimed to be the “crypto president” and people are looking for changes towards policies that would foster innovation.
