Executives from major crypto firms, including Ripple, Kraken, and Circle, are vying for seats on the crypto advisory council proposed by U.S. President-elect Donald Trump, according to a Reuters report published on November 22.
Trump’s team is reportedly deliberating the council’s structure and membership. Reuters quoted anonymous sources suggesting firms like Kraken, Paradigm, and a16z are frontrunners for inclusion, although representatives from Kraken and a16z declined to comment.
Meanwhile, Cardano founder Charles Hoskinson, who is expected to visit Washington, D.C., to engage policymakers soon, has voiced support for Coinbase CEO Brian Armstrong as a potential “Crypto Czar.”
Armstrong had reportedly had a private meeting with Trump on November 18. While the details of their discussion remain unclear, Reuters reported that an insider stated that Coinbase is also aiming for a spot on Trump’s council.
The council is likely to operate under the White House’s National Economic Council or as a separate entity. It is expected to advise on digital asset policies, collaborate with Congress on crypto regulations, establish a Bitcoin reserve, and coordinate with agencies like the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Treasury. Reuters suggested it may also include enforcement representatives and former policymakers.
This development coincides with Trump’s broader appointments, including naming Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE). This department is expected to exist for a few months. It will be tasked with cutting federal spending and reducing regulatory burdens, bringing an entrepreneurial approach to streamline operations across federal agencies.
Trump claimed his focus on economic efficiency to address the U.S. government’s soaring expenditures. According to public data, these expenditures are projected to reach $6.75 trillion in 2024, a $617 billion increase from the previous year. He emphasised DOGE’s focus would be to bring an “entrepreneurial approach” to dismantling bureaucracy and streamlining federal agencies.
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