Donald Trump Establishes Cryptocurrency Council: Bitcoin Reserves and More on the Horizon
Elected President of the United States, Donald Trump, has generated excitement in the crypto world by promising to establish a new advisory council on digital assets. Leading crypto companies like Ripple, Kraken, and Circle are in intense competition to be part of this new council. Trump's pledge of a crypto-friendly administration during his election campaign has prompted many industry firms to take action to be included in this council.
Speaking at a Bitcoin conference held in Nashville, Trump announced that he would develop crypto-friendly policies under his administration and intends to create an advisory council for this purpose. Currently, Trump's transition team is discussing how this council will be structured and which companies will be included. According to Reuters, sources indicate that venture capital firms such as Paradigm, as well as the crypto division of Andreessen Horowitz, known as a16z, are also expected to be part of the council.
What will the council's role be? David Bailey, CEO of Bitcoin Magazine, expresses hope that executives from leading crypto firms will be represented in the council. Bailey, who has previously discussed Bitcoin policies with Trump, mentioned that players in the crypto sector are eager to share their views and suggestions.
A meeting between Coinbase (COIN) CEO Brian Armstrong and Trump indicates that the company also wishes to play an active role in the council. Circle CEO Jeremy Allaire has also stated his willingness to be part of the council. The proposed council is expected to operate either under the White House's National Economic Council or as a separate entity. The council will provide advice on digital asset policies, discuss crypto legislation with Congress, and take on the task of establishing the Bitcoin reserve that Trump has promised.
Trump Media’s crypto initiative In another development, Trump Media & Technology Group (DJT) plans to take new steps in the cryptocurrency space. The company has filed a trademark application for a crypto payment platform named "TruthFi," demonstrating Trump's interest in the crypto industry. The TruthFi platform is intended to enable crypto payment services, financial custody, and digital asset trading.
Considering Trump Media's current operational capacity, it may need to acquire other firms to bring such a comprehensive project to life. Recently, there have been discussions about Trump Media negotiating to purchase a crypto trading platform called Bakkt.
Following these developments, there has been an increase in Trump Media's stock prices; however, the company has not yet made an official statement regarding the matter. Nonetheless, the impact of a crypto-friendly Trump administration significantly contributed to Bitcoin reaching record levels.