Major cryptocurrency figures and Trump donors are competing for positions on the president’s new digital currency advisory council, with two dozen seats available on the board that will shape U.S. crypto regulation.
“Everyone and their mother is begging to be on this council,” a crypto industry source told NYNext. “But no one has heard who might make the cut, and there is no application.”
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Ripple founder Brad Garlinghouse, who met with Trump at Mar-a-Lago last month, former Kraken counsel Marco Santori, and “The Scoop” podcast host Frank Chaparro are on the shortlist, according to NYNext sources. Major donors including Circle CEO Jeremy Allaire, who gave $1 million to Trump’s inaugural committee, are also under consideration.
“There are lots of people gunning for a spot,” said Aubrey Strobel, Bitcoin investor and advisor to crypto companies Lolli and Trust Machines. “But sources said the priority will be on real experience over people who merely showed support for the new administration because they had FOMO.”
The council, created by executive order in Trump’s first week, will work with AI & Crypto Czar David Sacks to determine whether cryptocurrencies are classified as commodities or securities, potentially shifting oversight between the SEC and CFTC.
“There’s clout and a flex element to [landing a spot on the board]. But over the next four years, as the rules of the road are finally paved, people will want a say in shaping them,” a Bitcoin policy source told NYNext.
Trump appointed pro-crypto personnel including SEC Chair Paul Atkins and is considering an America-first strategic reserve prioritizing U.S.-founded digital coins like Solana, USD Coin and XRP.
The council begins work next month developing national cryptocurrency policy alongside the Treasury Department and Department of Homeland Security. Final appointments are expected within two weeks.