Notable names in the crypto space, including Ripple, have indicated interest as President-elect Donald Trump plans to establish his promised crypto advisory council.
Per a Reuters report, key industry leaders are scrambling for a seat in the White House advisory council for cryptocurrencies. The exposition, citing industry executives, mentioned respected players, including Ripple, Kraken, and Circle.
Leaders Seek a Piece of the Cake
The Thursday report indicated that Trump’s promised cryptocurrency advisory council is gaining momentum. Following his early November re-election, Trump has not hesitated to fill key roles in his imminent administration.
The President-elect promised to support the crypto community in various ways, including creating an advisory team on digital assets. The Reuters report noted that Trump seems keen on fulfilling this pledge.
Meanwhile, Circle’s CEO, Jeremy Allaire, has indicated his interest in joining the elite White House council. The report noted that the CEO revealed to the New York Times that he would want to be part of the team.
Furthermore, unnamed executives from Kraken, Ripple, venture capital firm Paradigm, and a16z, Andreessen Horowitz’s crypto arm, are also vying for a seat in the council. Notably, the team would either be part of the White House National Economic Council or operate independently.
It bears mentioning that Trump already met with Coinbase CEO Brian Armstrong and Ripple’s CEO Brad Garlinghouse. The details of the meeting with Armstrong remain unidentified, but the general consensus is that it was for a slot in the advisory council. However, this is still speculative and unconfirmed.
Team to Drive Bitcoin Treasury Establishment
The unnamed executives told Reuters that the advisory council will play an important role in Trump’s crypto policies. This includes admonishing the President on digital asset-related decisions and working with Congress to establish clear regulations for the industry.
Ultimately, the council would drive the creation of a Bitcoin treasury reserve. Trump promised to create one, and Senator Cynthia Lummis has already introduced the bill.
Analysts have tipped the Bitcoin stockpile to create FOMO among other countries, facilitating global demand for the premier asset. Galaxy Digital’s CEO Mike Novogratz stated that the concept is already drawing nations to the sector, citing growing Bitcoin acquisitions in the Middle East.
Meanwhile, positive sentiments from Trump’s imminent administration and a growing demand from the US spot exchange-traded funds (ETFs) have spurred Bitcoin to a new all-time high of above $99,000.
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