Donald Trump signed an order for the creation of a Digital Asset Council. Key players in the crypto industry are vying for positions in this new advisory body.
Formation of the Digital Asset Council
President Donald Trump's recent executive order creating the Working Group on Digital Asset Markets was warmly welcomed by the cryptocurrency industry. This move marked a significant shift in the US government's stance toward digital currencies. The new council will explore the potential for a strategic digital asset reserve and prohibit the development of a central bank digital currency in the US.
Council Composition
Potential candidates for the council include notable figures such as former Kraken general counsel Marco Santori, Ripple co-founder Brad Garlinghouse, and Circle CEO Jeremy Allaire. The composition will be selected based on industry experience.
Response from Financial Bodies
Certain financial institutions, such as the Federal Reserve and the FDIC, have been excluded from the mandatory positions on the council. Custodia Bank founder Caitlin Long welcomed their exclusion, citing their attempts to limit the industry’s growth.
With the establishment of the new council, Trump confirms an interest in strengthening US leadership in digital financial technology.
