President-elect Donald Trump has announced the formation of a new Crypto Council to be headed by Bo Hines. This initiative aims to support and advance the crypto industry within the country.
Establishment of the Crypto Council
Bo Hines, a former college football player, is appointed as the Executive Director of the Crypto Council. He will report to Trump's crypto czar David Sacks. The council's primary objective is to foster innovation and growth in the digital asset ecosystem, thereby enhancing America's leadership in the crypto world.
Appointments in the Economic Council
Trump has also appointed Stephan Miran as the chairman of the Council of Economic Advisors. This body advises the President on economic matters by studying federal economic policies and trends. Miran, an advocate for regulatory reforms in the crypto industry, aims for streamlined regulations to stimulate growth.
Bitcoin Price Drop
In light of these developments, Bitcoin has seen its first significant drop since Trump's election victory. For the week ending December 22, Bitcoin fell by 8.6% to close at $95,645. This drop followed a more cautious outlook from the Federal Reserve regarding interest rate cuts in 2025.
The appointments in Trump's new administration highlight his commitment to bolstering the US standing in the global crypto space. While Bitcoin experienced notable losses amid the news, the focus on advancing the crypto sector seems set to remain a presidential priority.
