Crypto Giants Scramble for Trump's Advisory Council

Several leading U.S. crypto companies, including Ripple and Coinbase, are seeking a spot on President-elect Donald Trump's proposed crypto advisory council. The council aims to influence U.S. digital asset policy and potentially reverse current regulatory stances. Industry excitement has contributed to bitcoin nearing its $100,000 milestone.

A whirlwind of crypto firms is vying for a stake in President-elect Donald Trump's proposed crypto advisory council, aiming to shape the future of U.S. digital asset policy. Ripple, Kraken, and Circle are among the notable contenders, according to multiple digital asset industry executives.

Trump, during a bitcoin conference in Nashville, promised the formation of this council as part of a crypto-friendly administration. His transition team is now deliberating on its structure and participants, industry insiders revealed.

Companies such as venture firm Paradigm and Andreessen Horowitz's crypto arm a16z are likely to be represented, while Coinbase, ambitious for a seat, continues dialogues with Trump. A potential decision to house the council under the National Economic Council is also being discussed, as excitement in the crypto market escalates under Trump's anticipated policies.

(With inputs from agencies.)