Trump’s Crypto Advisory Council to setup promised Strategic Bitcoin Reserve – Report Trump’s Crypto Advisory Council to setup promised Strategic Bitcoin Reserve – Report
Major U.S.-based crypto companies are seeking a seat at the council, which will advise on crypto policy and work with Congress on legislation.
3 min read
Updated: Nov. 21, 2024 at 8:27 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
President-elect Donald Trump’s proposed “Crypto Advisory Council” is expected to establish his promised “Strategic Bitcoin Reserve,” Reuters reported on Nov. 21, citing sources familiar with the matter.
While presidential advisory councils are not new, a dedicated crypto council would be unprecedented, reflecting the sector’s rapid evolution since Bitcoin’s inception in 2008.
Blockchain Association CEO Kristin Smith emphasized the urgency of the council’s formation, stating it is “something Trump could do very quickly.”
According to the report, the council will also advise on crypto policy and work with Congress on crypto legislation. It added that the council may be housed under the White House’s National Economic Council or operate independently.
According to industry insiders, major US-based companies, including Coinbase, Paradigm, and Andreessen Horowitz’s crypto arm, a16z, Ripple, Kraken, and Circle, are seeking a seat on the council.
Bitcoin Magazine CEO David Bailey, a key organizer behind Trump’s July appearance at a Nashville Bitcoin Conference, said:
“It’s being fleshed out, but I anticipate the leading executives from America’s Bitcoin and crypto firms to be represented.”
Excitement over Trump’s pro-crypto stance has already buoyed Bitcoin (BTC) prices, which touched a new all-time high of $99,100 on Nov. 21.
Bitcoin reserve idea gains traction
Satoshi Act Fund founder Dennis Porter is discussing introducing legislation in Texas on a “Strategic Bitcoin Reserve.”
The Texas movement is Porter’s latest effort to introduce a dedicated Bitcoin reserve to a US state. On Nov. 14, Pennsylvania, through Representative Mike Cabell, introduced a bill to create a BTC reserve using the state’s $7 billion fund.
The proposal suggests an initial allocation of up to 10% in Bitcoin but also acknowledges that a smaller exposure of 1% to 5% could be a more suitable starting point.
After Pennsylvania’s proposal, Porter stated that up to 10 more US states will likely follow suit this year, with Texas potentially being the first.
Additionally, he previously told CryptoSlate that state governments are rushing to pass legislation establishing their own BTC Reserves, as President-elect Donald Trump’s administration is considering an executive order to formalize this matter.
The idea of a Strategic Bitcoin Reserve gained traction following Trump’s election. During his presidential campaign, he displayed a pro-crypto stance, and one of his promises was to create a BTC reserve in the U.S. Treasury.
This idea was quickly backed by pro-crypto politicians, such as Senator Cynthia Lummis, who introduced legislation for such reserve called “The Bitcoin Act” and believes Trump could approve it in his first 100 days at the White House.
Policy and oversight
The council will likely coordinate with regulatory agencies, including the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Treasury, to craft crypto policy and streamline enforcement efforts.
Trump’s team is also reportedly considering creating a “crypto czar” role to lead the council, with candidates such as former CFTC Chair Heath Tarbert, ex-Commissioner Brian Quintenz, and former SEC chief Christopher Giancarlo under consideration.
The move comes as Trump promises to reverse President Joe Biden’s stringent enforcement actions. The administration is expected to prioritize executive orders that ensure crypto companies’ access to banking services, halt enforcement actions, and position the industry as a strategic economic asset.
Ethical concerns
Critics, including consumer advocacy groups, caution against allowing the crypto industry to heavily influence policymaking, warning of potential conflicts of interest.
Some ethics considerations may delay appointments, though industry leaders argue that experienced voices are essential for crafting effective regulations.
Anchorage Digital CEO Nathan McCauley stated:
“It’s absolutely the wise choice to put together a council of people who… understand how both the industry ought to be regulated and how to situate the industry to be a strategic asset.”
Mentioned in this article
Bitcoin 
BlackRock 
Coinbase 
Kraken 
Circle 
Ripple 
a16z 
Paradigm 
Bitcoin Magazine 
Dennis Porter 
Donald Trump 
Cynthia Lummis 
J. Christopher Giancarlo Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
Bitcoin Magazine
Bitcoin Magazine is the oldest and most established source of news, information and expert commentary on Bitcoin, its underlying blockchain technology and the industry that has been built up around it.
Dennis Porter is the co-founder and chairman of Satoshi Action Fund, a 501(c)(4) non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits and how it can be used as a tool to support other public policy goals.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.
Christopher “Chris” Giancarlo was unanimously confirmed to serve as Chairman of the U.S.