Crypto Council will be an advisory group with ‘luminaries’ from the crypto sector.
Trump wishes to make the US the ‘crypto capital of the planet’
Photo Credit: Unsplash/ Ewan Kennedy
US President-elect Donald Trump, who pledged during his campaign to position the country as the "crypto capital of the planet," is already making strides toward fulfilling that promise ahead of taking office in January 2025. In his latest move, Trump has appointed Yale alumnus Bo Hines as the Executive Director of the newly-formed ‘Crypto Council,' which remains in its formative stages as new members join and shape its agenda. These steps signal Trump's intent to clarify the legal, financial, and operational framework of the US crypto industry.
In a post on social media platform Truth Social, Trump announced that Hines will be taking up this crucial role in the crypto council – which is officially also referred to as the Presidential Council of Advisers for Digital Assets.
President-elect Donald Trump elaborated on his vision for the Crypto Council, describing it as an advisory group comprised of “luminaries” from the crypto industry. However, details about other members joining this body remain scarce at this time.
Earlier this month, before appointing Hines to the Crypto Council, President-elect Donald Trump named David Sacks as its Chairperson and the White House's 'Czar' of Crypto and AI. Sacks, a former Chief Operating Officer at PayPal, has reportedly invested in high-profile ventures such as SpaceX and Uber.
In his post on Truth Social, Trump detailed the roles Sacks and Hines would play in shaping the Crypto Council's mission and objectives.
“Bo is a graduate of Yale University, and Wake Forest University Law School. Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed,” said the 78-year-old billionaire-turned-politician.
As senior leaders of the Crypto Council, Hines and Sacks will jointly focus on establishing a comprehensive legal framework to support the US crypto sector while addressing financial risks associated with the volatile digital assets market.
During his campaign, Trump pledged to make Bitcoin a reserve asset in the United States. In September, he launched a cryptocurrency venture named World Liberty Financial, aimed at advancing the DeFi sector. By November, the Trump Media & Technology Group filed for a trademark for ‘TruthFi,' signaling potential ambitions in the Web3 space.
Amid these developments, Trump's victory in the November US elections propelled Bitcoin to a record-breaking all-time high of over $108,135 (roughly Rs. 92 lakh). The overall valuation of the crypto market has also surged, reaching $3.3 trillion (roughly Rs. 2,80,91,561 crore) in recent days.
Trump's ambitions extend beyond cryptocurrency, as he also aims to solidify the US as a leader in the AI industry.
In a Truth Social post, Trump announced Sriram Krishnan as the Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy. A former Microsoft executive, Krishnan will collaborate with Hines and Sacks to develop policies governing the rapidly evolving crypto and AI sectors.
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