PANews reported on November 22 that according to Reuters, several crypto companies including Ripple, Kraken and Circle are competing for seats on the crypto advisory committee that President-elect Donald Trump has promised to establish. Sources said that the advisory committee may be affiliated with the White House National Economic Council or an independent White House department. Its main responsibilities include coordinating digital asset policies, working with Congress to develop crypto legislation, setting up Bitcoin reserves, and collaborating with agencies such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Treasury Department. In addition, the Trump team is also considering setting up a crypto "general manager" role to lead the committee. During his campaign, Trump promised to create the image of a "crypto president", end the current President Biden's strict supervision of crypto companies, and guarantee crypto companies' access to banking services through executive orders.
According to people familiar with the matter, Coinbase CEO Brian Armstrong recently met with Trump, and Circle CEO Jeremy Allaire has publicly expressed his willingness to join the committee. At the same time, the crypto departments of Paradigm and Andreessen Horowitz (a16z) are also expected to take a seat on the committee.
However, some consumer groups have warned that the crypto industry should not dominate rulemaking, and the appointment of relevant personnel may be delayed due to ethical issues. Nevertheless, industry experts say that involving professionals who understand the crypto industry in policy making will help develop the crypto industry as a strategic asset.
