The planned council would influence US crypto policy and implement Trump’s promised Bitcoin reserve.
Several cryptocurrency companies and their members are seeking positions on a cryptocurrency advisory board under the incoming presidency of Donald Trump, Reuters said on November 21.
Companies like Coinbase, Kraken, Ripple and Circle, as well as venture capital firms Paradigm and a16z Crypto, could get board seats.
So far, Circle’s plans to join seem to be the most definitive. Circle CEO Jeremy Allaire told the New York Times in November that he wants a seat on the board, according to a spokesman cited by Reuters.
Otherwise, Reuters cited anonymous sources as the origin of its information. A source confirmed that Coinbase CEO Brian Armstrong had met with Trump to discuss undisclosed issues. They said Coinbase is interested in a board seat.
Although anonymous sources expect Kraken and a16z to seek board seats, both companies explicitly declined to comment to Reuters.
Many of the companies have been very involved with politics. Coinbase, Circle, Ripple, and a16z and their members contributed millions of dollars to the bipartisan PAC Fairshake during the last election cycle, while Kraken co-founder Jesse Powell donated $1 million directly to the Trump campaign. Additionally, over the summer, several reports indicated that Coinbase and others had attended or planned to attend Republican and Democratic nominating conventions to advocate for policies.
Trump’s crypto council would have numerous functions, according to Reuters. He would advise on policy, work on legislation with the US Congress, and coordinate with various US agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury.
It could also work to establish a strategic Bitcoin reserve. Trump originally promised to create the reserve and council at a Bitcoin conference in July. Senator Cynthia Lummis has also advocated for a Bitcoin reserve in recent weeks.
The crypto board would likely be housed in the White House National Economic Council or a different White House apparatus.
It could include law enforcement representatives and former policymakers along with members of the crypto industry.
It could also include a “crypto czar” tasked with leadership. Bloomberg reported separately the possibility and said the leader could have a “direct line to Trump,” but described uncertainty about whether that role will exist.
Trump and his team have also been selecting people for roles outside of the crypto council, with some reports suggesting that certain options and candidates have pro-cryptocurrency stances. Since previous coverage, Gary Gensler has announced plans to resign as SEC chairman in January, preempting Trump’s alleged plans to fire him. The position of SEC chairman and many other roles are not yet filled.
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