Trump Administration to Establish Crypto Advisory Council, Ripple, Kraken, and Circle Vie for Influence

The Trump administration is gearing up to form a crypto advisory council. Major companies like Ripple, Kraken, and Circle are keen to get a seat at the table. This move aligns with Trump's pro-crypto stance, which many believe is fueling Bitcoin's rise toward the $100,000 mark.

According to a report from Reuters, these prominent players in the digital asset space are competing for roles on the anticipated council. Trump has promised to establish this council as part of his commitment to a crypto-friendly administration.

Right now, the transition team is working on the council's structure and staffing. David Bailey, the CEO of Bitcoin Magazine, mentioned that he expects leading executives from the crypto sector to be involved. “It’s being fleshed out,” he said, adding, “People are eager to advise and give input.”

The council will likely operate under the National Economic Council or as a separate entity within the White House. Its responsibilities could include advising on digital asset policies, collaborating with Congress on crypto legislation, establishing Trump’s proposed Bitcoin reserve, and facilitating communication among regulatory agencies.

Some notable figures have already met with the incoming administration. For instance, Coinbase CEO Brian Armstrong recently had a discussion with Trump, though the details remain under wraps. Circle CEO Jeremy Allaire has publicly expressed interest in joining the council.

The excitement for a crypto-friendly Trump administration is palpable. This enthusiasm has likely contributed to Bitcoin's recent surge toward that $100,000 milestone. Trump’s campaign promises included becoming a “crypto president” and reversing the Biden administration's regulatory measures against crypto companies.

However, the formation of this council isn’t without controversy. Some consumer groups have raised concerns about allowing the crypto industry to set its own rules. Nathan McCauley, CEO of Anchorage Digital, defended the approach. He stated, “It’s absolutely the wise choice to put together a council of people who understand how the industry ought to be regulated.”

This news comes on the same day that SEC Chair Gary Gensler announced his resignation, effective January 20, 2025. Gensler has often described cryptocurrency as the "Wild West," which has drawn criticism from industry participants due to his stringent regulatory approach.