Key Players Seek Influence on Trump’s Crypto Advisory Board Executives from major firms in cryptocurrency, including Ripple, Kraken, and Circle, want to have a place on Donald Trump’s proposed “Crypto Council.” This advisory board, promised during the Trump campaign, aims at shaping U.S. digital asset policies, working with regulators, and even setting up a Bitcoin reserve in support of national financial stability.
According to a Reuters report on Nov. 21, the council’s structure and the selection of its members are already being discussed. Insiders say that the likes of heavyweight Paradigm along with fellow venture capital firm a16z also look very likely, as do Ripple and Kraken. The latter two have yet to confirm comments from representatives at Kraken and a16z.
Coinbase CEO Meets Trump
There are, however, speculations that Coinbase CEO Brian Armstrong might join the council because he met with Trump recently in a private meeting. The agenda of the meeting wasn’t disclosed, but sources close to the matter claimed Armstrong is looking forward to being appointed to a seat on the council. This matches his long-standing calls for clearer cryptocurrency rules and his influential voice in the industry.
A Possible “Crypto Czar” Role?
Meanwhile, sources close to the matter say that a “Crypto Czar” role leading the advisory panel may be in the works, adding another layer of drama. Cardano founder Charles Hoskinson, set to meet with policymakers in Washington D.C., has thrown his support behind Armstrong for such a role. The proposed position would entail spearheading the activities of the council and serving as a liaison between the government and the crypto industry.
Structure and Scope of the Crypto Council
The council could fall under the White House’s National Economic Council, which oversees all of the President’s economic policies, or be a stand-alone council. Main functions would come in the form of advising on digital asset policy, working with Congress in writing regulatory rules, and working with federal agencies such as the SEC, CFTC, and Treasury. The council would also be in charge of setting up a national Bitcoin reserve, showing the administration’s emphasis on bringing cryptocurrency into the nation’s economy.
Industry Interest
Jeremy Allaire, CEO of Circle, has publicly shown interest in joining the council, while many other industry leaders also share enthusiasm. Although some companies are tight-lipped, this creates one vast answer to a question showing that, at least potentially, this council will shape the trajectory of cryptocurrency regulation in the United States.
As the council takes shape, the battle for inclusion underscores the significant role cryptocurrency firms aim to play in U.S. policymaking under Trump’s administration.
