According to several cryptocurrency industry executives, Ripple, Kraken, Circle, and many other crypto companies are competing for seats on the Crypto Advisory Committee promised by President Trump, seeking a voice in their planned US policy reforms.

At a Bitcoin conference in Nashville in July, Trump pledged to establish a new committee as part of a crypto-friendly government. Insiders say his transition team is discussing how to structure and equip the committee, and which companies should be included.

Several top US crypto companies are vying for this position. An insider said this includes the venture capital firm Paradigm, and it is expected that the crypto department of the venture capital giant Andreessen Horowitz, a16z, will also secure a seat.

CEO of Bitcoin Magazine, David Bailey, stated: "This is a work in progress, but I expect major executives of US Bitcoin and crypto companies to be represented." He arranged for Trump to speak at the July conference and discussed Bitcoin policy with the President-elect. Bailey said, "People are eager to provide input and insights."

Kraken's spokesperson and a16z's spokesperson declined to comment.

A source confirmed a report by The Wall Street Journal last Monday, stating that Coinbase CEO Brian Armstrong recently met with Trump. The details of their discussion are unclear. The source added that Coinbase, as the largest US crypto exchange, is also interested in joining the committee.

Circle's CEO, Jeremy Allaire, expressed his desire to join the committee in an interview this month.

Two sources familiar with the matter stated that the Cryptocurrency Committee may be placed under the National Economic Council at the White House (which is responsible for coordinating and implementing the President's economic policies), or under an independent agency at the White House.

They and other executives indicated that the committee is expected to provide recommendations on digital asset policies, collaborate with Congress to develop cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate between the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department.Futures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market.One insider mentioned that the committee may also include law enforcement representatives and former policy makers.

Two insiders mentioned that Trump's transition team (who did not respond to requests for comment) is also discussing creating a cryptocurrency 'czar' position.

Reuters previously reported that former CFTC Chairman Heath Tarbert (Chief Legal Officer at Circle) and former Republican CFTC Commissioner Brian Quintenz (head of a16z's crypto policy) have been advising Trump's transition team on cryptocurrency policies.

Excitement about the Trump administration's friendly stance towards cryptocurrencies has helped Bitcoin prices hit record highs and get closer to the long-awaited $100,000 milestone.

Trump, by promising to be the 'Cryptocurrency President,' and ending Biden's crackdown on cryptocurrency companies accused of violating securities and anti-money laundering laws, has garnered support and campaign donations from the industry. Trump is also pushing to issue executive orders to ensure that cryptocurrency companies can access banking services, end enforcement actions against them, and make other changes.

Some consumer groups warn that the crypto industry should not be "both a referee and a player", some sources say that ethical considerations may slow down personnel appointments. But others argue that involving industry experts in critical policy issues is meaningful.

Anchorage Digital's CEO, Nathan McCauley, said, "Gathering people who understand how the industry should be regulated and how to position the industry as a global strategic asset is definitely a wise choice." He had urged the Trump team to reverse Biden's stance on cryptos.

While the President's Advisory Council is not a new concept, there has never been a committee specifically focused on cryptos, and cryptos did not emerge until 2009 when bitcoin was introduced. The Biden administration has several committees, including the Science and Technology Committee, which was established by executive order in his first month in office.

Kristin Smith, CEO of the crypto trade group Blockchain Association, said that creating a crypto committee was something that Trump "could quickly do."

Editor/rice