Former U.S. and current President-elect Donald Trump proposed establishing a crypto advisory council as part of his plans for the cryptocurrency sector if re-elected in 2024.
This advisory group, announced during his campaign, would be tasked with drafting clear regulatory guidelines for the industry within the first 100 days of his potential presidency.
Trump emphasized that these rules would be written by individuals supportive of the crypto industry, addressing the sector’s demand for regulatory clarity.
Trump’s pro-crypto stance marks a shift from his earlier skepticism of cryptocurrencies.
Previously critical of Bitcoin and other digital assets, Trump has now positioned himself as a defender of the crypto space, opposing restrictive policies and promising to fire SEC Chair Gary Gensler, who has been criticized for heavy-handed enforcement against crypto companies.
He also plans to block the development of a central bank digital currency (CBDC) in the U.S., citing privacy concerns.
His support for crypto ties to broader Republican efforts to reduce regulatory constraints and promote innovation in the industry. The Republican Party has pledged to protect Bitcoin mining and oppose CBDCs.
Trump has proposed the creation of a “strategic Bitcoin reserve” as a hedge against national debt, reflecting his belief in cryptocurrencies as viable financial tools. However, experts remain skeptical about the feasibility of these ambitious goals.
Trump’s personal ties to crypto extend through his family. Melania Trump, the former First Lady, launched an NFT collection in 2021, signaling a growing interest in blockchain technology within the Trump circle. Donald Trump has also launched NFT collections, aligning with his campaign’s efforts to reach out to crypto enthusiasts.
The creation of a crypto advisory committee is part of Trump’s broader vision to position the U.S. as a global leader in blockchain innovation. While these proposals have attracted attention and support within the crypto community, their implementation would face significant legal, political, and practical challenges.
According to a Reuters article, several cryptocurrency companies like Ripple, Kraken, and Circle are striving to secure a place on the council. Additionally, crypto venture capital firms such as Paradigm and Andreessen Horowitz are likely to be represented as well.
With Trump’s victory, Bitcoin’s value has soared close to $100k, and with Gary Gensler, the SEC chairman whom Trump vowed to dismiss, announcing his resignation, things are looking favorable. However, industry stakeholders are eagerly watching to see how this council evolves.
