The Trump administration is planning to create a crypto advisory council. Major companies like Ripple, Kraken, and Circle are eager to get involved. This move reflects Trump's supportive stance on cryptocurrency, which many believe is driving Bitcoin's rise toward $100,000.
Key players in the digital asset space are competing for spots on President-elect Donald Trump’s upcoming crypto advisory council. According to Reuters, companies such as Ripple (XRP/USD), Kraken, and Circle (USDC/USD) are among those looking for representation. Trump has promised to establish this council as part of his crypto-friendly agenda.
Right now, the transition team is figuring out how the council will be structured and who will be part of it. David Bailey, the CEO of Bitcoin Magazine, mentioned that he expects top executives from America's bitcoin and crypto firms to be included. He said, “People are eager to advise and give input.”
The council is likely to operate under the White House’s National Economic Council or as a separate entity. Its job may include advising on digital asset policies, working with Congress on crypto legislation, setting up Trump’s proposed bitcoin reserve, and coordinating with regulatory agencies.
Some notable figures have already connected with the incoming administration. For instance, Coinbase CEO Brian Armstrong recently met with Trump, but the details of their conversation remain under wraps. Circle CEO Jeremy Allaire has publicly shown interest in joining the council. The excitement around a crypto-friendly Trump administration is helping to push Bitcoin closer to that $100,000 mark.
Trump's campaign promises included becoming a “crypto president” and rolling back the Biden administration’s regulatory actions against crypto companies.
However, the formation of this council isn’t without its critics. Some consumer advocacy groups warn against letting the crypto industry set its own rules. Nathan McCauley, CEO of Anchorage Digital, defended the initiative, saying, “It’s absolutely the wise choice to put together a council of people who understand how the industry should be regulated and how to position it as a strategic asset.”
This news comes on the same day that SEC Chair Gary Gensler announced his resignation, effective January 20, 2025. Gensler has often referred to the cryptocurrency space as the “Wild West,” which has drawn criticism from industry participants due to his tough regulatory approach.