Leaders of major crypto companies compete for positions on a council that will guide policy on digital assets.
Trump's Cryptocurrency Advisory Council.
President-elect Donald Trump has proposed the creation of a Crypto Advisory Council with the goal of establishing a Bitcoin reserve in the United States and guiding policy on digital assets. This council will play a crucial role in working with the legislative branch and federal financial agencies to set guidelines and regulations regarding cryptocurrencies.
Competition among industry leaders
Several prominent figures from companies such as Ripple, Kraken, a16z, and Paradigm are seeking seats on this council. Competition is intense as these leaders recognize the importance of having a direct voice in shaping policies that will affect the future of cryptocurrency in the United States. Whether the council will operate under the National Economic Council or as a separate entity is still under discussion.
Bitcoin's impact on the market
According to the most recent data, on November 21, 2024, Bitcoin reached a value of $98,469.15, an increase of 4,79% in the last 24 hours. This increase was partly fueled by Trump's election victory, which sparked renewed interest in cryptocurrencies and their potential in the U.S. financial system. The creation of a Bitcoin reserve could not only stabilize the market but also attract significant investment in the sector.
Challenges to be faced
However, the creation of an advisory board and a Bitcoin reserve is not without its challenges. There are concerns about the regulation and security of cryptocurrencies, as well as the need to ensure that policies are conducive to innovation without compromising investor protection. How will the new board move to address these issues?
Conclusions and future prospects
Trump's proposal of a Crypto Advisory Council represents a significant step toward integrating cryptocurrencies into the mainstream financial system. With industry leaders ready to contribute, the council could have a lasting impact on cryptocurrency regulation in the United States. It remains to be seen how the political dynamics will unfold and what decisions will be made to ensure a prosperous future for Bitcoin and other cryptocurrencies.
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