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CRYPTO - Executives in the cryptocurrency sector are pursuing roles on President-elect Donald Trump’s crypto advisory council. The council, which will help shape regulatory standards and create a Bitcoin strategic reserve, is seen as a critical opportunity for the industry to influence policymaking.
Companies such as Coinbase, Ripple Labs, and venture capital firm a16z are among those seeking seats on the council. The council will perform multiple functions, including crypto policy advisory and collaboration with Congress on related legislation.
Donald Trump’s transformation into a pro-crypto President has significant implications. By embracing cryptocurrency, Trump attracted both crypto enthusiasts and wealthy donors during his successful presidential campaign.
Trump’s view on digital assets has changed significantly since 2019, when he criticized crypto on social media. However, he’s recently promised to make the US the “crypto capital of the planet” and the “Bitcoin superpower of the world.”
Going by his promises, a Trump government is largely considered positive for Bitcoin. Supportive policies will contribute significantly to increased applications and use cases across the board, including sectors like online gambling, where Bitcoin betting sites are welcoming new customers. In addition to fiat currency, these betting sites use Bitcoin as it allows them to offer customers exciting benefits, including user privacy, faster transactions, and higher betting limits.
The Crypto Advisory Council: A New Era for Crypto Regulation
The council will likely operate under the White House’s National Economic Council or run as an independent body. Its formation is seen as a critical step towards establishing a more favorable regulatory environment for the crypto industry.
Industry insiders believe that the council will play an essential role in shaping the future of crypto in the United States. Executives say the council will directly advise the President on related matters, with recommendations likely to significantly impact the industry.
Dennis Porter, co-founder of the Satoshi Action Fund, stated the importance of establishing a Bitcoin strategic reserve in the United States. At the recent North American Blockchain Summit, Porter said:
“A great way for us to protect ourselves from outside influence... is to be in the market buying and selling Bitcoin.”
Anchorage Digital CEO Nathan McCauley also expressed support for the council. McCauley described the decision to create a council of knowledgeable people as a “wise choice” since they understand how the industry should be regulated and strategically positioned.
The Future of Crypto Regulation
One of the key challenges facing the council will be balancing regulation with the need for the industry to innovate and grow. While the council’s formation is seen as a positive step for the industry, some critics have raised concerns about potential conflict of interest. Consumer advocacy groups have also warned against allowing the crypto sector to heavily influence policymaking. Despite these concerns, the industry seems optimistic about the establishment of the council and its potential effects on crypto in the United States during Trump’s tenure.
Also, the council’s formation may positively impact the price of Bitcoin. Some analysts believe establishing a Bitcoin strategic reserve could increase demand and spike the asset’s price.
Trump’s win at the elections has been bullish for Bitcoin. Since the election concluded, Bitcoin has climbed considerably and hit a new all-time high (ATH) of $99,645 on November 22, according to data from CoinGecko. Many believe it is only a matter of time before the king coin hits $100k, a price predicted long ago by several enthusiasts. According to the popular author of ‘Rich Dad Poor Dad” Robert Kiyosaki, Bitcoin could hit $500K next year.
