Trump’s Cryptocurrency Advisory Committee will help establish a U.S. Bitcoin reserve

According to a Reuters report, several digital asset industry leaders, including Ripple, Kraken, and Circle, are vying for seats on the cryptocurrency advisory council promised by U.S. President-elect Trump, in an effort to influence his U.S. policy reform plan. In July, Trump promised to establish a new committee as part of his pro-cryptocurrency policy, and his transition team is currently discussing how to structure and compose the committee, as well as which companies should be included. It is reported that several top U.S. cryptocurrency companies have expressed strong interest in participating in the committee, including venture capital firm Paradigm, and the venture capital giant Andreessen Horowitz (a16z) is also expected to have a seat. Bitcoin Magazine CEO David Bailey stated that the committee is currently in the planning stage, but the leaders of the major Bitcoin and cryptocurrency companies in the U.S. are expected to be involved. The Coinbase CEO is interested in participating in the committee, and Circle CEO Jeremy Allaire has also expressed a desire to join the committee this month. The cryptocurrency advisory committee may be under the National Economic Council at the White House, which is responsible for coordinating and implementing the President's economic policies, or it may be established as a dedicated department within the White House. The committee is expected to provide recommendations on digital asset policies, work with Congress to develop cryptocurrency-related legislation, assist in establishing the Bitcoin reserve promised by Trump, and coordinate cooperation between the SEC, CFTC, and the Treasury Department. A source said the committee may also include law enforcement representatives and former policymakers. Trump's transition team is also discussing the creation of a "cryptocurrency czar" role to lead the committee, and they are currently screening candidates for this position. Previously, Reuters reported that Circle's general counsel, former CFTC chairman Heath Tarbert, and former Republican CFTC commissioner and a16z crypto policy lead Brian Quintenz have been advising Trump's transition team on cryptocurrency policy.