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Insider News: Trump's Cryptocurrency Advisory Committee is expected to establish the promised Bitcoin reserve

Insider News: Trump's Cryptocurrency Advisory Committee is expected to establish the promised Bitcoin reserve

Bitget2024/11/22 04:05

According to Reuters, several crypto companies including Ripple and Circle are vying for seats on the cryptocurrency advisory board promised by President-elect Donald Trump. Sources say that the advisory board may be affiliated with the White House National Economic Council or an independent White House department, with main responsibilities including coordinating digital asset policies, working with Congress to develop cryptocurrency legislation, establishing Bitcoin reserves, and collaborating with institutions such as the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and Treasury Department.

In addition, Trump's team is considering setting up a "crypto czar" role to lead this committee. During his campaign, Trump promised to create a "Crypto President" image by ending current president Biden's strict regulation of crypto companies and ensuring their access to banking services through executive orders.

Insiders revealed that Coinbase CEO Brian Armstrong recently met with Trump while Circle CEO Jeremy Allaire publicly expressed his desire to join the committee. At the same time, it is expected that Paradigm and Andreessen Horowitz’s (a16z) crypto divisions will also have a seat at the table in this committee.

However, some consumer groups warn that the crypto industry should not dominate rule-making processes; appointments could be delayed due to ethical issues. Despite this concern though, industry experts suggest involving professionals who understand cryptocurrencies in policy making would help develop them as strategic assets.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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