{"id":3147,"date":"2024-11-22T16:18:18","date_gmt":"2024-11-22T16:18:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3147"},"modified":"2024-11-22T16:18:18","modified_gmt":"2024-11-22T16:18:18","slug":"strategic-bitcoin-reserve-set-to-be-created-by-trumps-crypto-council-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3147","title":{"rendered":"Strategic Bitcoin Reserve Set To Be Created By Trump\u2019s Crypto Council: Report"},"content":{"rendered":"
\n

President-elect Donald Trump\u2019s transition team is reportedly set to implement the establishment of a national Strategic Bitcoin Reserve (SBR). At the center of this development is the formation of a crypto advisory council to revise US policy on digital assets, as Reuters reports<\/a>.<\/p>\n

Major crypto companies are vying for seats on the council, including Ripple<\/a>, Kraken, Circle, and venture capital firms like Paradigm and Andreessen Horowitz\u2019s crypto arm a16z. The council is expected to be housed within the White House\u2019s National Economic Council or a separate executive apparatus.<\/p>\n

Strategic Bitcoin Reserve Could Become Real<\/h2>\n

\u201cIt\u2019s being fleshed out, but I anticipate the leading executives from America\u2019s Bitcoin and crypto firms to be represented,\u201d said David Bailey, CEO of Bitcoin Magazine and a key advisor who arranged for Trump to speak at a July Bitcoin conference in Nashville. \u201cPeople are eager to advise and give input.\u201d<\/p>\n

The concept of a Strategic Bitcoin Reserve has been gaining momentum among Trump\u2019s advisors and industry leaders. Dennis Porter, CEO and founder of the Satoshi Act Fund\u2014a US nonprofit advocating for Bitcoin adoption\u2014revealed<\/a> that the team is considering an executive order to establish the SBR.<\/p>\n

David Bailey also signaled<\/a> positive momentum, declaring on November 15 via X, \u201cSBR is happening.\u201d He emphasized the administration\u2019s capacity to initiate the reserve promptly: \u201cThe verdict from the experts is the President has the authority to establish the SBR without Congress and implement a fairly large acquisition program (tens of billions of $). To go bigger we\u2019ll need Congress, but we can start right away at a MicroStrategy-esque scale.\u201d<\/p>\n

Despite the enthusiastic support from industry insiders, market skepticism persists. According to Polymarket, a decentralized prediction market platform, the probability of Trump establishing a Strategic Bitcoin Reserve stands at 42%, up from a low of 24% five days earlier. This indicates growing belief but also highlights lingering doubts about the reserve\u2019s actualization.<\/p>\n

Excitement over the Trump administration has already impacted the market, pushing Bitcoin to record highs and edging it closer to the long-anticipated $100,000 milestone. The establishment of the SBR could further catalyze market growth and investor confidence.<\/p>\n

Who Will Be On The Crypto Council?<\/h2>\n

Several top executives are positioning themselves to influence the future of US crypto policy through the advisory council. Coinbase CEO Brian Armstrong recently met with Trump, though details of their discussion remain undisclosed. A source familiar with the matter confirmed that Coinbase is interested in being part of the council.<\/p>\n

Circle CEO<\/a> Jeremy Allaire has also expressed interest. \u201cWe look forward to the opportunity to contribute to the dialogue on how to create a regulatory environment that fosters innovation while protecting consumers,\u201d a company spokesperson noted.<\/p>\n

Former regulatory officials are playing advisory roles as well. Heath Tarbert<\/a>, former Chair of the Commodity Futures Trading Commission (CFTC) and current Chief Legal Officer at Circle, along with Brian Quintenz, former Republican CFTC commissioner and Head of Policy for a16z crypto, have been consulting with Trump\u2019s transition team on crypto policy.<\/p>\n

The crypto industry is advocating for several key regulatory changes. These include executive orders guaranteeing crypto companies access to banking services, halting what they perceive as overreaching enforcement actions, and establishing clear regulatory frameworks to encourage innovation.<\/p>\n

\u201cIt\u2019s absolutely the wise choice to put together a council of people who understand how both the industry ought to be regulated and how to situate the industry to be a strategic asset,\u201d said Nathan McCauley, CEO of crypto platform Anchorage Digital. McCauley has urged the Trump team to reverse the current administration\u2019s stance on crypto, which has been marked by stringent enforcement actions against companies accused of flouting securities and anti-money laundering laws.<\/p>\n

Kristin Smith, Chief Executive of the Blockchain Association, believes that setting up the crypto council is a feasible immediate action. \u201cIt\u2019s something that could be done very quickly,\u201d she said, emphasizing the urgency felt within the industry for regulatory clarity.<\/p>\n

At press time, Bitcoin traded at $99,245.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

President-elect Donald Trump\u2019s transition team is reportedly set to implement the establishment of a national Strategic Bitcoin Reserve (SBR). At the center of this development is the formation of a crypto advisory council to revise US policy on digital assets, as Reuters reports. Major crypto companies are vying for seats on the council, including Ripple, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3147","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3147"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3147\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}