- Major crypto firms, including Ripple, Circle, and Kraken are actively seeking seats on Trump’s advisory council to influence U.S. digital asset policies.
- Trump’s crypto-friendly stance has driven Bitcoin to record highs near $100,000, with Coinbase and a16z also vying for council involvement.
Major crypto companies are eager to join President-elect Donald Trump’s proposed crypto advisory council. According to Reuters, Ripple, Kraken, and Circle are among those showing strong interest in having a say in the upcoming overhaul of U.S. digital asset policies. Several industry executives and Trump’s transition team are now considering how to set up the council and which companies should be part of it.
At a Bitcoin conference in Nashville in July, Trump promised to establish a new council as part of a crypto-friendly administration. Since then, several leading U.S. firms have been vying for a seat at the table. Venture firm Paradigm is among them, and it’s expected that Andreessen Horowitz’s crypto arm, known as a16z, will also secure a spot.
David Bailey, CEO of Bitcoin Magazine, arranged for Trump to speak at the July conference. He has discussed Bitcoin policy with the President-elect and said: “It’s being fleshed out, but I anticipate the leading executives from America’s Bitcoin and crypto firms to be represented.” He added, “People are eager to advise and give input.”
Coinbase, Circle Eye White House Crypto Council
Sources indicate that Coinbase, the largest U.S. crypto exchange, is also interested in joining the council. Coinbase CEO Brian Armstrong recently met with Trump, although details of their discussion remain unclear.
Jeremy Allaire, CEO of Circle, expressed his desire to be on the council in a statement to the New York Times. A company spokesperson confirmed his interest. The council is expected to be housed under the White House’s National Economic Council or possibly a separate apparatus within the White House.
The council’s role would be to advise on digital asset policy, collaborate with Congress on legislation, and establish Trump’s promised Bitcoin reserve. It would also coordinate efforts between agencies like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. There is hope that the council may include enforcement representatives and former policymakers.
Possible Creation of a Crypto ‘Czar’ Role
Trump’s transition team is also considering creating a crypto “Czar” position. Some sources mentioned that the individual would likely lead the council. Bloomberg reported on Wednesday that Trump’s team is vetting candidates for this role. Former CFTC Chair Heath Tarbert, now the chief legal officer at Circle, and former Republican CFTC commissioner Brian Quintenz, who heads policy for a16z crypto, have been advising Trump’s transition team on crypto policy.
Excitement over a crypto-friendly Trump administration has pushed Bitcoin to record highs, bringing it closer to the much-anticipated $100,000 mark. Trump has actively sought support and campaign donations from the crypto sector by promising to be a “crypto president.”
He aims to end President Joe Biden’s crackdown on crypto companies that regulators have accused of violating securities and anti-money laundering laws. The industry is pushing for executive orders that would guarantee crypto companies access to banking services, halt enforcement actions, and implement other favorable changes.
