Trump’s crypto council to set up US bitcoin strategic reserve
A wave of cryptocurrency firms, including Ripple, Kraken, and Circle, are vying for a spot on President-elect Donald Trump's proposed crypto advisory council, hoping to influence his plans to reshape U.S. digital asset policy, according to industry insiders.
During a July bitcoin conference in Nashville, Trump pledged to establish the council as part of a pro-crypto administration. His transition team is now considering its structure, staffing, and potential members, sources familiar with the discussions said.
Prominent U.S. crypto companies are actively seeking inclusion. One source noted that Paradigm, a leading venture firm, is among those interested, while Andreessen Horowitz’s crypto division, a16z, is also expected to secure a position.
“The details are being worked out, but I expect key executives from America’s bitcoin and crypto companies to be represented,” said David Bailey, CEO of Bitcoin Magazine, who facilitated Trump’s appearance at the July conference and has engaged with the President-elect on bitcoin policy. “There’s a lot of enthusiasm to contribute and provide input.”
Representatives from Kraken and a16z declined to comment.
Coinbase CEO Brian Armstrong recently met with Trump, according to a source familiar with the matter, although the meeting’s agenda was not disclosed. The source confirmed that Coinbase, the largest U.S. crypto exchange, is also keen on joining the council. Meanwhile, Circle CEO Jeremy Allaire has publicly expressed his interest in participating.
The council is expected to operate under the White House’s National Economic Council or a newly created entity, according to two sources. It would likely focus on advising digital asset policies, collaborating with Congress on crypto-related legislation, establishing Trump’s proposed bitcoin reserve, and coordinating with federal agencies such as the SEC, CFTC, and Treasury. It may also include enforcement officials and former policymakers, one source added.
Additionally, Trump’s team is reportedly considering appointing a crypto “czar” to lead the council. Bloomberg reported that candidates for this role are currently under review. Former CFTC Chair Heath Tarbert and ex-CFTC Commissioner Brian Quintenz, now with Circle and a16z respectively, have been advising Trump’s transition team on crypto policy, as previously reported by Reuters.
The anticipation of a crypto-friendly administration has contributed to bitcoin’s surge toward the $100,000 mark, reinforcing optimism in the sector. Trump campaigned on promises to become the “crypto president,” vowing to halt President Joe Biden’s regulatory crackdown on digital asset companies and ensure their access to banking services.
While some consumer groups have cautioned against allowing the crypto industry to overly influence its regulation, others argue that expert input is vital for shaping effective and strategic policies.
“It’s a smart move to assemble a council of individuals who understand both the regulatory needs of the industry and its potential as a strategic asset,” said Nathan McCauley, CEO of Anchorage Digital, who has encouraged Trump to reverse Biden-era crypto policies.
Although advisory councils are not new, none have previously focused on cryptocurrencies, which only emerged with bitcoin’s creation in 2009. Trump’s council could mirror efforts like Biden’s Science and Technology Council, established by executive order early in his term.
Kristin Smith, CEO of the Blockchain Association, suggested that Trump could establish the council “very quickly.”