Ripple, Kraken, Circle Want in on Trump's Crypto Advisory Council

Donald Trump's proposed crypto advisory council is drawing attention from a growing number of crypto companies.

The likes of Ripple, Kraken, and Circle have expressed interest in the initiative, which was proposed by Trump in July at the Bitcoin conference in Nashville.

"Upon taking office, I will immediately appoint a Bitcoin and crypto Presidential Advisory Council," Trump said at the time. "Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry."

Discussions within Trump’s transition team are reportedly underway to determine the structure and membership of the council. David Bailey, CEO of Bitcoin Magazine and a key figure in arranging Trump’s conference appearance, said the council is 'being fleshed out" and he anticipates "the leading executives from America's bitcoin and crypto firms to be represented."

Coinbase CEO Brian Armstrong recently met with Trump while Circle CEO Jeremy Allaire has publicly expressed interest in joining the council. Venture capital giant Andreessen Horowitz's crypto arm a16z and venture firm Paradigm are also vying for seats.

The council is expected to function under the White House's National Economic Council, or a separate White House apparatus, with a mandate to advise on digital asset policies, collaborate with Congress on crypto legislation and oversee Trump’s proposed Bitcoin reserve.

It will likely coordinate with key regulatory agencies such as the SEC, CFTC, and the Treasury.

Additionally, the possibility of appointing a dedicated crypto "tsar" to lead the council is also being explored. Potential candidates include former CFTC Chair Heath Tarbert and ex-CFTC Commissioner and current head of policy at a16z crypto Brian Quintenz - both already advise the Trump transition team.