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Sources claim that figureheads from major crypto firms want a seat on Trump’s ‘Crypto Council,’ a government advisory board centered around digital assets that will establish the country’s Bitcoin reserve.
A recent Reuters report published on Nov. 21 stated that executives from major crypto firms such as Ripple, Kraken and Circle are competing for a seat at Donald Trump’s promised crypto advisory council.
Insider sources tell Reuters that the President-elect’s team is in the process of discussing how the council ought to be structured and which companies would be included. One source mentioned that Kraken, Paradigm and a16z are among the firms expected to get a seat on the council.
However, the report stated that spokespeople from Kraken and a16z did not respond to these speculations.
As previously reported by crypto.news on Nov. 18, Coinbase CEO Brian Armstrong had a private meeting with Trump. Though it is still unclear what they discussed, an insider source said that Coinbase is also interested in being on Trump’s council.
You might also like: Trump’s team vets for first White House crypto role
Cardano(ADA) founder Charles Hoskinson is also expected to visit Washington D.C. to engage with policymakers. He has also endorsed Armstrong for the position of “Crypto Czar.” Two sources say that Trump’s transition team is currently in talks of creating a “Crypto Czar” role that would likely lead the council. Although, Trump’s team declined to comment on this claim.
Earlier this month, Circle CEO Jeremy Allaire also expressed interest in being on the crypto council, said a company spokesperson.
According to the Reuters report, the crypto council will likely operate either under the White House’s National Economic Council — which coordinates and implements the President’s economic policies — or as a separate White House apparatus.
The crypto council will serve several functions, such as advising on digital asset policies, working with Congress on drafting crypto regulations, establishing a Bitcoin(BTC) reserve and coordinating with government agencies including the SEC, CFTC and the Treasury, according to sources.
One of the inside sources also claimed that the council might consist of enforcement representatives and former policymakers.
You might also like: Trump media trademarks crypto payment service ‘TruthFi’