Major crypto enterprises like Kraken, Circle, and Ripple have made their intentions clear of joining the US Crypto Advisory Council under the Donald Trump administration, revealed industry insiders. Earlier during the US presidential election, Donald Trump promised to form the council as part of his agenda to revitalise the crypto policy of the country.
The crypto advisory council initiative was first announced at the July Bitcoin Conference in Nashville which was organized by the Bitcoin Magazine. At that time, Trump committed to creating the council to foster a crypto-friendly regulatory environment in the country. At present, the Trump Administration is deciding on the team including membership, staffing and structure of the advisory council.
As per the CEO of Bitcoin Magazine, David Bailey who made it possible for Trump to present at the Nashville conference, the top executives of US crypto firms are expected to be represented in the advisory council as they are “eager to advise and give input”.
Many venture capital firms like Andreessen Horowitz’s a16z and Paradigm are also expected to be part of the council while crypto companies like Ripple and Kraken have also set sights on finding a place on the advisory council.
The CEO of Circle, Jeremy Allaire has already expressed his interest in joining the crypto advisory council of Donald Trump while Brian Armstrong, the Coinbase CEO has held a meeting with Trump. The US Crypto Advisory Council will either be a new office or come under the White House National Economic Council.
The primary responsibilities of this advisory council will be to coordinate with the US Congress regarding crypto legislation as it shapes digital asset policy for the country. It will also work with federal agencies like the CFTC and SEC regarding crypto regulations. The council might also oversee the Bitcoin reserve proposed by Donald Trump in collaboration with the SEC and other regulators.
A crypto czar might be appointed by Trump to head the council. Former CFTC commissioner Brian Quintenz, and Circle’s chief legal office Heath Tarbert are being considered as advisors to the transition team.
After Joe Biden’s crackdown on cryptocurrencies, the industry has rallied for Donald Trump’s pro-crypto policies as he promised to form a suitable regulatory framework for the sector. The market’s optimism regarding this can be seen in how Bitcoin surged to hit the $100,000 mark.
The CEO of Anchorage Digital, Nathan McCauley underlined why crypto experts should be part of the policymaking when he said “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”.