With the President-elect set to introduce the White House’s first digital asset-focused role, Donald Trump’s crypto advisory council is reportedly expected to set up the nation’s first strategic Bitcoin reserve. Indeed, the returning US president is looking to formulate a council that would govern crypto-related policies, Reuters reports.
The development of the council has garnered interest from across the cryptocurrency industry. Coinbase CEO Brian Armstrong had met with Trump earlier this week. Moreover, Cardano (ADA) developer Charles Hoskinson gave his vote of confidence for Armstrong’s viability as part of such a council.
JUST IN:
President-elect Donald Trump’s crypto advisory council expected to set up strategic #Bitcoin reserve.
— Watcher.Guru (@WatcherGuru) November 21, 2024
Also Read: Donald Trump Considers Creating First-Ever White House Crypto Role
Trump Crypto Advisory Council Taking Shape: Bitcoin Reserve Bill Remains Premier Focus
Shortly after Donald Trump won the historic 2024 presidential election, the crypto market responded. Moreover, excitement abounded among industry participants about what his appointment could mean for its growth. It was US Senator Cynthia Lummis who said that Trump could bring a Bitcoin reserve bill to life in his first 100 days back in the White House.
Moreover, BlackRock recently noted that his return creates a “renewed sense of optimism” for such a reserve. That plan is looking to remain at the forefront of the President-elects formulation fo his own cabinet. Indeed, a report says that Trump is looking to create a crypto advisory council that would bring to life the strategic Bitcoin reserve plan.
Also Read: Trump Nominates Pro-Bitcoin Howard Lutnick as Commerce Secretary
The council is “expected to advise on digital asset policy,” the report notes. Moreover, the council would “establish Trump’s promised Bitcoin reserve” while also coordinating with agencies like the US Securities and Exchange Commission (SEC). Although there have been no appointments to such a council, industry executives have shown interest.
The aforementioned Brian Armstrong would be a key choice. Moreover, venture firm Paradigm and Andressen Howoritz’s A16z cryptocurrency arm are expected to be part of the council. David Bialey, the CEO of Bitcoin Magazine, noted he expected “the leading executive from America’s Bitcoin and crypt first to be represented” in the developing council.
