Trump administration plans to create a crypto advisory committee to shape crypto legislation, oversee regulations, and promote digital assets.
The Trump administration is moving forward with plans to create a crypto advisory committee. This committee aims to shape crypto legislation, streamline multi-agency regulations, and potentially implement a bitcoin reserve strategy. The initiative is part of a broader effort to create a crypto-friendly environment. Therefore, firms such as Ripple, Kraken, and Circle are vying for the chance to join the council. Moreover, the interest has been expressed by the top executives, including Jeremy Allaire of Circle and Brian Armstrong of Coinbase.
According to Reuters, this decision was made after Trump had pledged during his presidential campaign. In July, at the Bitcoin conference in Nashville, he vowed to form a council to back the crypto sector. Since then, his transition team has considered how best to convene the committee. They are determining how the industry will be segmented and which firms will be included in it. According to insiders Paradigm and a16z, venture capital giant Andreessen Horowitz’s crypto investing unit will likely be council members.
Trump Crypto Advisory Committee to Oversee SEC, CFTC, and Treasury
The new advisory committee may or may not be affiliated with the White House’s National Economic Council. In any case, it will be crucial to provide advice on digital asset policies. It will also work with Congress to co-author crypto legislation. The committee will assist in overseeing regulations in major agencies, including the SEC, CFTC, and Treasury.
David Bailey, CEO of Bitcoin Magazine, has had an opportunity to work with Trump on crypto matters. He feels that the council will comprise executives from leading American crypto companies. These leaders will ensure the fundamentals are right for regulating digital currency.
This move is in sync with Trump’s love for cryptocurrencies. In his campaign, he pledged to support Bitcoin and other cryptocurrencies. Since his election, Bitcoin has risen to the roof, recently trading above $99,000. This indicates a rising influx into the cryptocurrency, especially as more firms integrate it into their balance sheets.
Lastly, the establishment of the advisory committee is a significant step toward developing a favorable climate for crypto assets in the United States. The involvement of several key industry players could greatly affect the policy of cryptocurrencies and their markets. This committee could play a pivotal role in shaping the future of digital assets.
