Major players in the digital asset industry are vying for positions on President-elect Donald Trump‘s promised crypto advisory council.
According to Reuters, companies such as Ripple XRP/USD, Kraken and Circle USDC/USD are among those seeking representation on the council, which Trump pledged to establish as part of his crypto-friendly administration.
The transition team is currently deliberating on the council’s structure, staffing and composition.
David Bailey, CEO of Bitcoin BTC/USD Magazine, who arranged Trump’s speech at a July bitcoin conference, told Reuters, “It’s being fleshed out, but I anticipate the leading executives from America’s bitcoin and crypto firms to be represented.”
Bailey added, “People are eager to advise and give input.”
The council is expected to be housed under the White House’s National Economic Council or a separate White House apparatus.
Its responsibilities may include advising on digital asset policy, collaborating with Congress on crypto legislation, establishing Trump’s promised bitcoin reserve, and coordinating between regulatory agencies.
Some notable figures have already engaged with the incoming administration.
Coinbase COIN/USD CEO Brian Armstrong recently met with Trump, though the details of their discussion remain undisclosed.
Circle CEO Jeremy Allaire has publicly expressed interest in joining the council.
The industry’s enthusiasm for a crypto-friendly Trump administration has contributed to Bitcoin’s recent surge toward the $100,000 milestone.
Trump’s campaign promises included becoming a “crypto president” and ending the Biden administration’s regulatory crackdown on crypto companies.
Read Next: Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally
Why It Matters: The formation of this council is not without controversy.
Some consumer groups have cautioned against allowing the crypto industry to write its own rules.
Nathan McCauley, CEO of Anchorage Digital, defended the approach, telling Reuters, “It’s absolutely the wise choice to put together a council of people who… understand how both the industry ought to be regulated and how to situate the industry to be a strategic asset.”
The news comes on the same day SEC Chair Gary Gensler announced his resignation on Jan. 20, 2025.
Gensler has repeatedly described the cryptocurrency as the "Wild West,” drawing the ire of industry participants over a stringent regulatory approach.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
