Crypto firms vying for a place on Trump’s ‘Crypto Council’: report

Sources claim that leading figures from major crypto firms want to take part in Trump’s ‘Crypto Council’, a government advisory board centered around digital assets that will form the country’s Bitcoin reserve.

A recent Reuters report published on November 21 stated that executives from major crypto companies such as Ripple, Kraken, and Circle are vying for a spot on Donald Trump’s promised crypto advisory council.

Insiders told Reuters that the president-elect’s team is in the process of discussing how the council should be structured and which companies to include. A source stated that Kraken, Paradigm and a16z are among the companies expected to take part in the council.

However, the report stated that Kraken and a16z spokespeople did not respond to these speculations.

As previously reported by crypto.news on November 18, Coinbase CEO Brian Armstrong had a private meeting with Trump. While it’s still unclear what they discussed, an insider said Coinbase is also interested in being on Trump’s council.

Cardano(ADA) founder Charles Hoskinson is also expected to visit Washington DC to meet with policymakers. He also supported Armstrong’s position as “Crypto Czar”. Trump’s transition team is currently in talks to create a “Crypto Czar” role to lead the council, two sources say. However, Trump’s team declined to comment on this claim.

Earlier this month, Circle CEO Jeremy Allaire also expressed interest in joining the crypto council, a company spokesperson said.

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.

According to sources, the crypto council will serve a variety of functions, including advising on digital asset policies, working with Congress to draft crypto regulations, establishing a Bitcoin (BTC) reserve, and coordinating with government agencies including the SEC, CFTC, and Treasury.

One insider also claimed the council could be made up of enforcement representatives and former policymakers.