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President-elect Donald Trump announced the establishment of a Crypto Council for his incoming administration to be headed by former college football player Bo Hines.
Hines will report to Trump crypto czar David Sacks, and help advance innovation and growth in the digital asset ecosystem. The council’s support for the industry is intended to boost America’s leadership in the crypto world.
JUST IN: 🇺🇸 President-elect Donald Trump appoints Bo Hines Executive Director of Crypto Council. pic.twitter.com/2T9kQd87yP
— Altcoin Daily (@AltcoinDailyio) December 22, 2024
Trump Makes Additional Appointments
Trump has also appointed Stephan Miran, a former Treasury official and economist at Hudson Bay Capital Management, as the chairman of the Council of Economic Advisors.
The body advises the President on economic matters, studies federal economic policies, monitors economic trends, and counsels on actions to attain growth and stability.
An advocate of regulatory reforms for the crypto industry, Miran has often publicly spoken about the need for leaner regulations in general, especially in the crypto sector. His appointment is in line with broader Trump plans to turn the US into a global crypto hub that envisions a strategic Bitcoin reserve.
The appointments of Bo Hines and others aligns with Trump’s pro-crypto stance, and his campaign promise to make the US the “world capital of crypto.” His administration has received substantial support from crypto executives.
Trump also named Sriram Krishnan, a former partner at the venture capital firm Andreessen Horowitz, as senior AI policy advisor.
Meanwhile, Bitcoin posted its first significant weekly price drop since Donald Trump’s November presidential election win, which sparked a rally that propelled the cryptocurrency above six figures. For the week that ended December 22, Bitcoin slid 8.6%, or about $10,500, to close at $95,645.
The plunge came after the Federal Reserve turned more cautious on the outlook for interest rate cuts in 2025.
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