Prominent crypto leaders are vying for positions on Trump’s new advisory group on digital asset markets, which is seen as a major policy shift. The group will include key agency officials but exclude the Federal Reserve and FDIC, a decision welcomed by the crypto community amid increased regulatory scrutiny.
In the latest political twist, prominent figures from the cryptocurrency world are making moves to fill spots on Donald Trump’s newly established advisory group focused on digital asset markets. Among those in contention are Ripple CEO Brad Garlinghouse, Coinbase’s Brian Armstrong, and Circle’s Jeremy Allaire. However, the final roster remains up in the air, leaving many to wonder who will truly advocate for the crypto industry.
The executive order signed by Trump marks a notable pivot in the US government’s approach to digital assets. It instructs the new council to explore concepts like a strategic digital asset reserve, which could possibly include Bitcoin. Notably, it prohibits the establishment of a central bank digital currency (CBDC), a contentious topic that has sparked significant debate among officials.
This advisory group will include specialists from key government agencies, like the Treasury Department and the Commodity Futures Trading Commission. Interestingly, it will leave out players like the Federal Reserve and the FDIC, a move that’s being lauded by crypto proponents. Many in the industry argue these entities have been overly restrictive, stifling innovation and growth in the sector.
Adding fuel to the fire, the FDIC’s recent release of extensive documents related to its analysis of crypto firms has led to even more scrutiny over regulation in this booming market. The back-and-forth about regulations has intensified, and the crypto community is keen on having voices at the table, especially during a pivotal moment like this.
As key figures in the crypto space position themselves for Trump’s digital asset advisory group, the dynamics of regulatory policy in the U.S. could shift dramatically. With contentious topics like centralized digital currencies off the table, and substantial scrutiny being levied by the FDIC, the group’s formation could either help carve new pathways for digital assets or continue the tightening of reins on a rapidly evolving industry.
Original Source: dig.watch