As a seasoned analyst with over two decades of experience in financial markets, I find myself intrigued by the recent developments surrounding Trump’s proposed ‘Crypto Council.’ With my extensive background in both traditional finance and digital assets, I can’t help but feel like I’m watching a high-stakes game of chess being played out between some of the industry’s heavyweights.
Reports suggest that leaders from prominent cryptocurrency companies are aiming to secure positions on Trump’s ‘Crypto Advisory Board’, an official body focusing on digital currencies, with the goal of setting up a national Bitcoin savings account.
According to a Reuters article dated November 21st, high-ranking officials from significant cryptocurrency companies like Ripple, Kraken, and Circle are vying to secure a position on the hypothetical cryptocurrency advisory team proposed by Donald Trump.
According to confidential informants, the transition team of the incoming President is currently debating the structure of the council and deciding which corporations will be invited to join. A source revealed that Kraken, Paradigm, and a16z are likely companies to secure a spot on this council.
On the other hand, representatives from Kraken and a16z declined to comment on these rumors.
According to earlier reports from crypto.news on November 18th, Coinbase CEO Brian Armstrong met privately with former U.S President Trump. The details of their conversation remain undisclosed, but a reliable source hinted that Coinbase might be seeking a position on Trump’s advisory council.
Charles Hoskinson, founder of Cardano (ADA), is planning a trip to Washington D.C., where he aims to interact with government officials. Moreover, he has shown his support for John Armstrong’s candidacy for the proposed role of “Crypto Advisor.” It appears that Trump’s advisory team is considering establishing a “Crypto Advisor” position and Armstrong might fill it. However, Trump’s team has chosen not to confirm this speculation at present.
Previously this month, a representative from Circle Inc., the company led by CEO Jeremy Allaire, mentioned an intention for their participation in the crypto advisory board.
As a crypto investor, I’ve been keeping an eye on the news, and it seems that the crypto council could potentially function within the framework of the White House’s National Economic Council, overseeing and executing the President’s economic policies related to cryptocurrencies. Alternatively, it might be established as a distinct entity within the White House.
The Crypto Advisory Body is set to perform multiple roles, including offering guidance on digital currency policies, collaborating with Congress in creating crypto legislation, setting up a Bitcoin (BTC) reserve, and liaising with regulatory bodies like the SEC, CFTC, and the Treasury Department, according to reports.
A trusted insider hinted that the council could potentially include individuals who have previously enforced rules, as well as those who have made policy decisions in the past.
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2024-11-22 11:03