Finst

Under Trump: 'Crypto Council' should introduce Bitcoin reserve

Donald Trump is reportedly currently working to create a crypto council.

By Finst News
• 2 min read
Under Trump: 'Crypto Council' should introduce Bitcoin reserve

Donald Trump is reportedly currently working to create a crypto council. This council is not only expected to establish a Bitcoin reserve, but also to play an important role in crypto policy.

According to Reuters, based on sources within the industry, incoming U.S. President Donald Trump and his team are currently working to create a "Crypto Council." This council will in the future advise on policy for digital assets and work with Congress on legislation for cryptocurrencies. In addition, the council will be responsible for coordination between agencies such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Treasury Department. The Bitcoin reserve announced by Trump will also be set up through this council.

Strong interest from industry

A large number of crypto companies, including Ripple, Kraken, Paradigm, a16z and Circle, would like a seat at the table. The parties want to influence U.S. policy reform. Coinbase CEO Brian Armstrong is also said to have recently met with the 78-year-old Trump.

"It is an absolutely wise decision to put together a council with people who understand how the industry should be regulated and how it can be positioned as a strategic force," said Nathan McCauley, CEO of crypto platform Anchorage Digital.

What is the role of the crypto council?

The crypto council will likely be housed within the White House National Economic Council. This council is responsible for implementing the president's economic policies.

While the concept of presidential advisory councils is not new, there has never been a council specifically dedicated to cryptocurrencies. Biden currently has several advisory councils, including one for science and technology. This was created via executive order at the time in the first month of his presidency. So the creation of a crypto council can be accomplished very quickly.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.