As per reports from the NY Post, Ripple CEO, Brad Garlinghouse will be joining the newly created “Crypto Advisory Council” which could become very influential in the next four years of crypto regulation. Formed by former President Donald Trump, the council has turned into one of the most sought-after jobs in Washington D.C. to reshape the way forward for the crypto industry.
Garlinghouse, who recently visited Trump at Mar-a-Lago, is one of several potential candidates being considered for a place on the 24-member panel. The crowd is competitive, with executives, investors, and influencers all elbowing each other for a seat.
As one insider described it, “Everybody and their mother is begging to be on this council.” Candidates are looking to their networks and reputations to land, with no formal application process.
Other high-profile names said to have made the shortlist include Marco Santori, former general counsel of Kraken; Frank Chaparro, a crypto podcast host; and senior executives like Circle co-founder and CEO Jeremy Allaire; Coinbase CEO Brian Armstrong; and Crypto.com’s Kris Marszalek. Additionally, some of Trump’s key campaign donors are pushing for roles, intensifying the competition.
Trump’s executive order, signed in his first week back in office, officially created the Crypto Advisory Council. The council’s mission is to foster innovation in blockchain and digital assets while removing the regulatory uncertainties that have affected the industry, particularly during the Biden administration.
One of the council’s key tasks will be deciding whether cryptocurrencies should be classified as securities or commodities. That decision would determine whether they were regulated by the S.E.C. or the Commodity Futures Trading Commission, or CFTC, and would have cascading implications for the industry’s fate in the U.S.
With so many big-name challengers, it’s evident that nabbing a slot will be a tough slog. But Trump’s aides are reported to be placing industry experience and expertise above political loyalty, a change that could alter the landscape of the final choices. As the Bitcoin investor Aubrey Strobel put it, “There are lots of people gunning for a spot.” It’ll be interesting to see who finally gets a seat on this powerful council.
Also Read: Ripple CEO Garlinghouse Cheers Crypto Czar’s Push for Clear Regulation
