Former President Donald Trump is assembling a crypto advisory council to position the U.S. as a global leader in the cryptocurrency space. 

The council, expected to work closely with Congress and federal agencies, will focus on streamlining crypto regulations, creating a strategic Bitcoin reserve, and coordinating policy efforts across government departments, according to Reuters.

A Step Toward a Crypto-Friendly U.S.

During his campaign, Trump promised to create a crypto-friendly administration, offering significant policy changes for the cryptocurrency sector. This new advisory council will be tasked with ensuring the U.S. stays at the forefront of the digital asset revolution. 

The council is expected to be housed within the White House’s National Economic Council (NEC) or a similar executive body, with industry experts brought in to provide input on crypto regulations and digital asset policies.

Trump’s transition team has already begun discussing the framework of the council, including its structure, staffing, and the companies that should be involved. Leading U.S. crypto companies, including Ripple, Kraken, and Circle, are vying for positions on the council, eager to have a say in shaping the future of U.S. crypto policy.

Bridging the Gap Between Government and Crypto Industry

One of the primary goals of the crypto advisory council is to build stronger connections between the crypto industry and federal agencies like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury. These agencies will collaborate to create a more streamlined and transparent regulatory framework for the digital asset sector.

A key element of the advisory council’s mandate is overseeing the creation of a U.S. Bitcoin reserve. The reserve would hold Bitcoin to position the U.S. as a dominant force in the cryptocurrency market and provide a buffer against volatility. 

Industry Leaders Eyeing Key Positions

As the council takes shape, several high-profile industry figures are seeking positions on it. Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, and venture firms like Andreessen Horowitz (a16z) are all reportedly interested in playing a role in the council’s work. Their involvement would ensure that the voices of some of the most influential players in the industry are heard during policy discussions.

In addition, sources suggest that Trump’s team is considering the creation of a “crypto czar” role to lead the council. This position would oversee the crypto policy efforts across federal agencies and work closely with the president. 

One prominent figure mentioned as a potential candidate for the role is Chris Giancarlo, the former chairman of the CFTC, who has been an outspoken advocate for cryptocurrency.