Former U.S. President Donald Trump has announced the formation of a cryptocurrency advisory council to strengthen the country's position in the global crypto industry. The council aims to work closely with Congress and federal agencies to streamline regulations, create a strategic Bitcoin reserve, and coordinate policy efforts.
A Step Toward a Crypto-Friendly U.S.
During his campaign, Trump promised to create a crypto-friendly administration, offering significant policy changes for the cryptocurrency sector. This new advisory council will focus on ensuring that the U.S. remains at the forefront of the digital asset revolution. The council is likely to be housed within the White House’s National Economic Council or a similar executive body, with industry experts brought in to provide input on crypto regulations.
Bridging the Gap Between Government and Crypto Industry
One of the primary goals of the crypto advisory council is to build stronger connections between the crypto industry and federal agencies like the SEC, CFTC, and the Treasury. These agencies will collaborate to create a more streamlined and transparent regulatory framework for the digital asset sector. The advisory council's mandate includes overseeing the creation of a U.S. Bitcoin reserve to position the country as a dominant force in the cryptocurrency market and provide a buffer against volatility.
Industry Leaders Eyeing Key Positions
As the council takes shape, several high-profile industry figures are seeking positions on it. Reports indicate that Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, and venture firms like Andreessen Horowitz are interested in playing a role in the council’s work. Their involvement would ensure that some of the most influential players in the industry are heard during policy discussions. Sources also suggest that Trump’s team is considering creating a 'crypto czar' role to lead the council.
The involvement of key industry players and close cooperation with federal agencies highlight the U.S.'s ambition to become a leader in the cryptocurrency space. Creating a strategic Bitcoin reserve will reinforce the country's economic position in the global market.
