Industry leaders strive for seats on Trump’s cryptocurrency advisory council

Industry executives are eager to secure positions on United States President-elect Donald Trump’s new crypto advisory council, which is set to shape regulatory policy and potentially create a Bitcoin strategic reserve.

Companies like Coinbase, Ripple Labs, and venture capital firm a16z are vying for spots on the council, which could be housed under the White House’s National Economic Council or function independently.

During the North American Blockchain Summit, Bitcoin advocate Dennis Porter emphasized the importance of establishing a Bitcoin strategic reserve in the US. He compared it to historic events like the Louisiana Purchase and the acquisition of Alaska, highlighting the potential benefits of adopting Bitcoin as a national asset.

Senator Cynthia Lummis, who introduced a bill for a Bitcoin strategic reserve in the Senate earlier this year, suggested converting some of the Treasury Department’s gold into Bitcoin to kickstart the reserve.

While some, like pro-Bitcoin investor Anthony Pompliano, are optimistic about the US government embracing a Bitcoin reserve, others like Galaxy Digital CEO Mike Novogratz are less convinced. Novogratz expressed doubt about the likelihood of such a reserve under the incoming Trump administration.

Nevertheless, the race for a Bitcoin strategic reserve is on, with different voices in the industry sharing diverse perspectives on the potential impact and challenges of this move.

As discussions unfold and decisions are made, the future of Bitcoin in the US remains uncertain but definitely worth keeping an eye on. Stay tuned for more updates on this evolving story.