What Will Trump's Crypto Council Do With Bitcoin?
As the President-elect prepares to introduce the first White House role focused on digital assets, Donald Trump’s cryptocurrency advisory council is reportedly set to create the nation’s first strategic Bitcoin reserve. The incoming U.S. president is looking to create a council that will oversee policies related to cryptocurrencies, Reuters reported.
The council’s development has drawn interest from across the crypto industry. Coinbase CEO Brian Armstrong met with Trump earlier this week. Furthermore, Cardano (ADA) developer Charles Hoskinson has given Armstrong a vote of confidence in his viability as part of such a council.
Trump’s Crypto Advisory Council: Bitcoin Reserve Bill Remains Top Focus
The crypto market reacted immediately after Donald Trump won the historic 2024 presidential election. Moreover, excitement was running high among industry participants about what his appointment could mean for the development of the industry. U.S. Senator Cynthia Lummis herself said that Trump could bring the Bitcoin reserve bill to life in his first 100 days back in the White House.
Moreover, BlackRock recently noted that his return creates “a renewed sense of optimism” for such a reserve. The plan is looking to remain at the forefront of the president-elect’s plans for his own cabinet. A report said Trump is looking to create a cryptocurrency advisory council that would implement the strategic Bitcoin reserve plan.
The council is “expected to advise on digital asset policy,” the report notes. It will also “establish the Bitcoin reserve fund that Trump promised” and coordinate with agencies such as the Securities and Exchange Commission (SEC). Although no appointments have been made to such a council, industry executives have expressed interest.
The aforementioned Brian Armstrong would be a key choice. Additionally, venture capital firm Paradigm and Andressen Howoritz’s crypto arm A16z are expected to join the council. Bitcoin Magazine CEO David Bialey noted that he expects “top executives from Bitcoin and America’s first cryptocurrency to be represented” on the growing council.