Industry Leaders Wrestle for A Spot on Trump’s Crypto Council

Crypto companies such as Ripple, Kraken, and Circle are vying for spots on President-elect Donald Trump’s promised crypto council.

Trump previously announced plans for a crypto council at the 2024 Bitcoin conference in Nashville. During his campaign, he pledged to overhaul US crypto policies and bring notable changes to the regulatory system.

Leaders from Ripple, Coinbase, and Circle Eye Spots on Crypto Council

According to a report from Reuters, Coinbase CEO Brian Armstrong recently met with Trump, though the details of their discussion remain unclear. The CEO of USDC stablecoin issue Circle, Jeremy Allaire, and venture firms like Paradigm and Andreessen Horowitz’s crypto arm, a16z, are also seeking representation.

The council could operate under the White House’s National Economic Council or as a separate entity. It aims to include industry leaders, policymakers, and possibly enforcement representatives. Trump’s team is also considering a “crypto czar” role to lead the council.

As BeInCrypto reported earlier, potential candidates include former CFTC Chair Chris ‘Crypto Dad’ Giancarlo, David Bailey, and Riot Platforms public policy chief Brian Morgenstern.

The council’s responsibilities may include establishing a Bitcoin Reserve based on the Bitcoin ACT Bill proposed by US Senator Cynthia Lummis. The bill, modeled after the US gold reserve, seeks to create a digital equivalent. Analysts at JP Morgan have called this unlikely, but recent developments suggest renewed optimism.

However, it would be bold to assume everyone was on board with the proposal. Some found it problematic to include industry players who are interested parties, a fresh take on the issue: