Crypto Advisory Council Now A White House Position Attracting Leaders

Key Points:

• Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald Trump’s proposed crypto advisory council to influence U.S. digital asset policy.
• The council is expected to advise on crypto legislation, work with agencies like the SEC and CFTC, and oversee the creation of a U.S. Bitcoin reserve.

According to Reuters, big-name crypto companies, including Ripple, Kraken, and Circle, have expressed interest in gaining a spot on President-elect Donald Trump’s proposed crypto advisory council.

Read more: Crypto Billionaire Fortunes Increase Strongly After Donald Trump’s Win 

Big Companies Race to Win Spot on Crypto Advisory Council

The initiative, announced during Trump’s campaign, aims to reshape U.S. digital asset policies and boost the industry’s growth, according to Reuters.

At the July Bitcoin conference in Nashville, Trump vowed to have a crypto-friendly administration, building the crypto advisory council among his pledges. His transition team is now figuring out the structure and membership of the council. Industry heavyweights like venture firm Paradigm and Andreessen Horowitz’s crypto division, a16z, will likely get spots, according to sources.

Among those seeking inclusion are Circle CEO Jeremy Allaire and Coinbase CEO Brian Armstrong. Armstrong recently met with Trump, although it’s not clear what the two discussed.

The crypto advisory council would reportedly be housed under the White House’s National Economic Council or a new office. It would likely be tasked with offering advice on digital asset policy, coordinating with Congress on crypto legislation, and coordinating with the federal agencies of the SEC, CFTC, and Treasury Department. Also on the council’s plate is overseeing the creation of Trump’s promised Bitcoin reserve.

Bitcoin Prices Soar on Growing Expectations of Trump Pro-Crypto Stance

The excitement around a pro-crypto Trump has already moved markets. Bitcoin rallied to an all-time high of $99,300 on Nov. 22. The U.S. Strategic Bitcoin Reserve is an idea that picked up steam since Trump was elected.

In 2024, Senator Cynthia Lummis floated the concept of converting parts of the Treasury’s gold reserves to Bitcoin in order to position the latter for the former as a strong base that resonates with Trump’s campaign promise to integrate Bitcoin into U.S. economic policy.