According to a Reuters
report, the incoming US President Donald Trump is actively fulfilling his campaign promise and preparing to establish a Crypto Advisory Council. Multiple sources have revealed that cryptocurrency companies, including Ripple, Kraken, and Circle, as well as the cryptocurrency division of the venture capital giant Andreessen Horowitz (a16z), are vying to become members of this council to participate in future US cryptocurrency policy reforms.
Positioning and Responsibilities of the Advisory Council
Sources say the advisory council may be under the White House National Economic Council or established independently by the Trump administration. Its main responsibilities include:
- Providing policy recommendations on digital assets;
- Collaborating with Congress to develop cryptocurrency legislation;
- Coordinating with agencies such as the SEC, CFTC, and the Treasury Department;
- Promoting Trump's promised Bitcoin national reserve program.
The council may include law enforcement representatives, industry executives, and former policymakers. A source revealed that the Trump team is also considering establishing a cryptocurrency "czar" role to lead the council, but the candidate has not yet been determined.
Industry Giants Actively Seeking Council Seats
Multiple cryptocurrency companies and leaders are actively seeking seats on the council. Many industry figures have expressed strong interest, including Circle CEO Jeremy Allaire, who has publicly stated his desire to participate. Additionally, Coinbase CEO Brian Armstrong, who recently met with Trump, has also shown keen interest in joining the council.
On the other hand, venture capital firms are not falling behind. Sources reveal that Andreessen Horowitz's cryptocurrency division and Paradigm are expected to participate in the council, as these institutions are seen as core forces in the US cryptocurrency innovation landscape.
Bitcoin Magazine CEO David Bailey, who previously arranged for Trump to speak at a Bitcoin conference, stated: "While the details are still being finalized, I expect the top Bit and cryptocurrency companies in the US will be involved."
Policy Environment Fueling Industry Optimism
During his campaign, Trump repeatedly promised to cultivate a "Bit President" image and expressed support for the cryptocurrency industry's development. He also criticized the Biden administration's regulatory actions against crypto companies and pledged to end the harsh crackdown on cryptocurrencies. This stance has been widely welcomed by the industry.
Circle's Chief Legal Officer and former CFTC Chairman Heath Tarbert, as well as a16z's policy lead Brian Quintenz, have been providing policy advice to the Trump team, further bolstering the industry's confidence in the new administration.
Bit prices have recently continued to soar, approaching the historic $100,000 mark, as the market sentiment is high. The industry generally expects the new government to promote a more friendly regulatory environment, including protecting the banking rights of cryptocurrency companies, terminating current enforcement actions, and facilitating policy reforms.
As the Trump team accelerates the establishment of the advisory council, the cryptocurrency industry will play a more important role in the policy direction in the coming years. If the council is successfully established, it will mark the first time the US government has set up a policy coordination institution specifically for cryptocurrencies, setting a new benchmark for the global development of cryptocurrencies.
