①The new USA President Trump plans to establish a cryptos advisory committee, attracting many companies to compete for seats, including Ripple, Kranken, and Circle. ② The committee may be set as a sub-organization of the White House National Economic Council, but it may also be independent, expected to provide advice on digital assets, such as drafting crypto legislation, establishing bitcoin reserves, etc.
Financial Chain News Nov 22 (Editor Ma Lan) The new USA President Trump promised to establish a cryptos advisory committee, which has ignited enthusiasm in the crypto industry.
According to industry executives, many crypto companies including Ripple, Kranken, and Circle are vying for seats on the committee, with risk investment company Paradigm, venture capital giant Andreessen Horowitz's crypto department a16z also lobbying hard, hoping to have a place in Trump's crypto policy advisory team.
According to a source, Brian Armstrong, the CEO of the USA's largest crypto exchange Coinbase, recently met with Trump. Although it's unknown what specific discussions took place, Coinbase also seems interested in joining Trump's crypto committee.
Bitcoin Magazine CEO David Bailey stated that people are eager to offer advice and opinions. The committee's list is still being finalized, but it is expected that the top executives of major USA bitcoin and crypto companies will join the committee.
Pioneering Cryptos Committee
According to sources, the crypto committee may be established as a sub-organization of the White House National Economic Council, but it could also be an independent White House institution.
According to some industry insiders, the committee is expected to provide advice on digital assets, collaborate with Congress to formulate crypto legislation, establish bitcoin reserves, and coordinate on crypto assets with government agencies such as the SEC, CFTC, and Treasury Department. The committee may also hire law enforcement representatives and former policy makers as co-directors.
Others revealed that Trump's transition team is considering the establishment of a position similar to a crypto "tzar", led by the "tzar" to lead the Cryptocurrency Advisory Committee. Earlier, there were also reports that the Trump team is reviewing available candidates for crypto leaders.
The idea of a cryptocurrency committee has sparked mixed reviews in the market. Some point out that the cryptocurrency industry setting its own rules may raise ethical concerns. However, others believe that allowing industry experts to have a say on key policy issues is beneficial for the industry.
Nathan McCauley, CEO of the cryptocurrency platform Anchorage Digital, emphasized that forming a committee composed of individuals who understand how to regulate the industry and position it as a strategic asset is definitely a wise choice.
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