cryptonewsz.com
Leading crypto companies, including Ripple, Circle, and Kraken, are positioning themselves to join President-elect Donald Trump’s proposed crypto advisory council, according to industry insiders. The council, promised during Trump’s campaign, is part of his broader agenda to revamp U.S. crypto policy.
Ripple, Circle & Others Eye Trump’s Crypto Council
Trump first mentioned the initiative at the 2024 Bitcoin Conference in Nashville this July. At the event, organized by Bitcoin Magazine, he committed to creating a council that would support a more crypto-friendly regulatory environment. Discussions are currently underway within Trump’s transition team to determine the council’s structure, staffing, and membership.
David Bailey, CEO of Bitcoin Magazine, who facilitated Trump’s appearance at the Nashville event, stated, “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,” according to a Reuters report.
Sources indicate several top companies, including venture capital firms like Paradigm and Andreessen Horowitz’s a16z, are likely contenders for representation. However, a spokesperson for a16z declined to comment on the matter. Meanwhile, Ripple execeutives are also eyeing to be a part of the council.
Circle’s CEO, Jeremy Allaire, has openly expressed interest in joining the council. Moreover, Coinbase CEO Brian Armstrong also reportedly met with Trump recently, though details of their conversation remain undisclosed. The advisory body is expected to fall under the White House’s National Economic Council or a new office, as per sources.
Its anticipated responsibilities include shaping digital asset policy, coordinating with Congress on crypto-related legislation, and working with federal agencies like the SEC and CFTC. Additionally, it may oversee Trump’s proposed Bitcoin reserve and ensure collaboration between regulators.
The White House Crypto Role
There are also discussions about establishing a “crypto czar” role to lead the council, with Trump’s team currently evaluating candidates. The potential advisors to the transition team include former CFTC Chair Heath Tarbert, now Circle’s chief legal officer, and Brian Quintenz, a former CFTC commissioner and current head of policy at a16z crypto.
The crypto industry has shown strong support for Trump’s promises to create a regulatory framework more favorable to digital assets, particularly following the Biden administration’s regulatory crackdowns. Bitcoin’s price has surged in response to the growing optimism about a crypto-friendly administration, nearing its all-time high.
Nathan McCauley, CEO of Anchorage Digital, emphasized the importance of involving experts in policymaking. “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,” he remarked.