Trump's proposed Crypto Advisory Council could establish US bitcoin reserve: report
Quick Take
- Leaders from Ripple, Kraken, a16z, Paradigm and other crypto firms are competing for a Crypto Advisory Council spot in Trump’s White House.
- The council would help guide digital asset policy and collaborate with the legislative branch on crypto regulation, among other oversights.
President-elect Donald Trump's proposed Crypto Advisory Council could set up a United States bitcoin reserve, reported Reuters, citing anonymous sources familiar with the matter.
Though much is still unknown about who will helm it or its policy roadmap, the Crypto Advisory Council would help guide digital asset policy, collaborate with the legislative branch on crypto policies, found a bitcoin reserve and act as a liaison with the Securities and Exchange Commission and other federal financial agencies, Reuters sources said.
Leaders from Ripple, Kraken, a16z, Paradigm and other crypto firms are competing for a council spot. The council would remain within the White House, though it could be under its National Economic Council or as a separate unit, Reuters continued.
In addition to the Crypto Advisory Council, Trump's transition team proposed a new White House role called "Crypto Czar," The Block previously reported, possibly inaugurating the first-ever crypto-specific role in the White House.
Bitcoin's ongoing rally marked numerous all-time high prices following the election of Republican Donald Trump on Nov. 5. The world's largest cryptocurrency by market valuation traded at $98,469.15 as of 3:11 p.m. ET (20:11 UTC) on Nov. 21, experiencing a 4.79% increase in the past day, The Block Prices show.
The Block reached out to the Trump transition team for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
