President-elect Donald Trump is moving forward with plans to establish a “crypto advisory council” aimed at reshaping U.S. cryptocurrency policy.

Major industry players, including Ripple, Kraken, Circle, Paradigm, and Andreessen Horowitz’s crypto arm a16z, are actively seeking positions on this council, which is expected to operate under the National Economic Council or a similar White House entity.

The council’s responsibilities will encompass advising on digital asset policy, legislation, and coordination among regulatory bodies.

In line with his campaign promises, Trump has proposed the creation of a national bitcoin reserve. This initiative involves retaining all bitcoins currently held by the U.S. government, estimated at approximately $11.1 billion, including 203,239 bitcoin tokens from criminal seizures.

The proposal has sparked debate among experts regarding its potential impact on bitcoin’s price and market dynamics, as it could reduce the number of tokens available for trading.

The anticipation of a more crypto-friendly regulatory environment under the incoming administration has contributed to a significant surge in bitcoin’s value.

The cryptocurrency recently surpassed $96,000 for the first time, reflecting investor optimism about supportive policies and the establishment of a national bitcoin reserve.

Additionally, substantial investments from companies like MicroStrategy, which plans to purchase $42 billion more in bitcoin, have further bolstered the market.

While the crypto industry views these developments as a positive shift, some consumer groups express concerns about the potential for the industry to influence its own regulatory framework.

Proponents argue that involving industry experts is crucial for strategic policy development, whereas critics caution against the risks of self-regulation.

The establishment of the crypto advisory council and the national bitcoin reserve will likely play pivotal roles in shaping the future of cryptocurrency regulation in the United States.

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