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

by

As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find the recent developments surrounding President-elect Trump’s proposed crypto council to be both intriguing and promising. Having weathered multiple market cycles and seen numerous regulatory changes, I can confidently say that this new chapter in US crypto policy could mark a significant turning point for our industry.

As a crypto investor, I find myself eagerly watching the developments as forward-thinking firms like Ripple, Kraken, and Circle position themselves to potentially join the advisory board that President-elect Donald Trump has pledged to establish for cryptocurrencies.

Previously, Trump revealed intentions for a cryptocurrency advisory group at the 2024 Bitcoin seminar held in Nashville. Throughout his election run, he expressed commitments to revamp American cryptocurrency regulations, potentially inducing significant shifts within the existing regulatory framework.

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

Based on Reuters’ report, Coinbase CEO Brian Armstrong recently held a meeting with President Trump; however, the specifics of their conversation have yet to be disclosed. Meanwhile, Jeremy Allaire, CEO of USDC stablecoin issuer Circle, and venture firms like Paradigm and Andreessen Horowitz’s crypto division, a16z, are also aiming to establish connections.

The council may function either within the framework of the White House’s National Economic Council or independently. Its purpose is to bring together influential figures from industries, policymakers, and potentially regulatory bodies. Additionally, Trump’s team is contemplating the creation of a “cryptocurrency chief” position to head this council.

According to a previous report by BeInCrypto, some possible contenders for the position are Chris ‘Crypto Dad’ Giancarlo (former CFTC Chair), David Bailey, and Brian Morgenstern who currently serves as the public policy chief at Riot Platforms.

The council’s duties might involve setting up a digital Bitcoin Reserve as per the Bitcoin Act Bill proposed by U.S Senator Cynthia Lummis. This bill aims to establish a digital version of the US gold reserve. While analysts at JP Morgan have expressed skepticism, recent events indicate growing hopefulness about this possibility.

It’s daring to presume that everyone supported the proposal. Some people had reservations about involving stakeholders from the industry, as they see it as a new perspective to consider.

According to financial analyst Peter Schiff, if Trump were to create a Crypto Advisory Council, it would be best not to include individuals directly involved in the crypto industry due to their potential bias. Instead, the council should consist of impartial experts who do not hold Bitcoin or any other cryptocurrency, enabling them to provide unbiased advice.

Broader Choices for Policy Leaders

Following Donald Trump’s pledge to revamp the Securities and Exchange Commission (SEC), its current chairman Gary Gensler recently announced his departure on a Thursday. His term of four years is set to conclude in January 2025, prior to Trump taking office. Speculation has also been swirling about three possible successors for the position.

Among the contenders is Hester Peirce, an SEC Commissioner known for her support of cryptocurrency innovation and criticism of regulatory overreach. Mark Uyeda, another SEC Commissioner with extensive experience in securities regulation, is also under consideration.

Furthermore, under consideration for the role are Paul Atkins, a former SEC Commissioner known for his deregulatory views, and Brian Brooks, ex-CEO of Binance.US. Their potential appointments indicate a focus on reassessing the regulatory framework surrounding digital assets.

In response to the buzz, the Crypto Council for Innovation (CCI) made this sunny foresight:

2025 marks a significant shift in the crypto landscape, as the USA will finally align with current trends. Meanwhile, the EU is becoming more proactive and taking independent actions. The crystal-clear future of cryptocurrencies has never been more promising, according to the Crypto Council for Innovation (CCI), expressed on their platform X (previously known as Twitter).

In recent times, the U.S. community has been experiencing a celebratory phase, as regulatory outlook appears promising. Trump’s crypto advisory group is speculated to establish a Bitcoin Reserve. Moreover, his media company is rumored to be planning the launch of a cryptocurrency payments service named ‘TruthFi’.

Read More

2024-11-22 20:33