BTCUSD: +3.69%

President-elect Donald Trump’s proposed Crypto Advisory Council could establish the first-ever U.S. bitcoin reserve, according to a recent report by Reuters citing anonymous insiders. While details remain scarce, the council aims to shape digital asset policies, work closely with lawmakers, and liaise with regulatory agencies, including the Securities and Exchange Commission (SEC).

The council is expected to be housed in the White House, potentially under the National Economic Council or as a stand-alone body. Major players from Ripple, Kraken, a16z, Paradigm, and other crypto firms are reportedly vying for a position on this influential council.

Additionally, Trump’s transition team is considering a new Crypto Czar position to focus exclusively on cryptocurrency policies, potentially marking the first dedicated crypto role within the White House.

Bitcoin has been surging since Trump’s election on Nov. 5, with the cryptocurrency hitting an all-time high of $98,469.15 as of 3:11 p.m. ET (20:11 UTC) on Nov. 21, reflecting a daily increase of 4.79%.

The Block reached out to the Trump team for further clarification, but no comment has been provided at the time of publication.

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