Trump's proposed Crypto Advisory Council could establish US bitcoin reserve: report

President-elect Donald Trump's proposed Crypto Advisory Council could set up a United States bitcoin reserve, reported Reuters , citing anonymous sources familiar with the matter. 

Though much is still unknown about who will helm it or its policy roadmap, the Crypto Advisory Council would help guide digital asset policy, collaborate with the legislative branch on crypto policies, found a bitcoin reserve and act as a liaison with the Securities and Exchange Commission and other federal financial agencies, Reuters sources said. 

Leaders from Ripple, Kraken, a16z, Paradigm and other crypto firms are competing for a council spot. The council would remain within the White House, though it could be under its National Economic Council or as a separate unit, Reuters continued. 

In addition to the Crypto Advisory Council, Trump's transition team proposed a new White House role called " Crypto Czar ," The Block previously reported, possibly inaugurating the first-ever crypto-specific role in the White House.

Bitcoin's ongoing rally marked numerous all-time high prices following the election of Republican Donald Trump on Nov. 5. The world's largest cryptocurrency by market valuation traded at $98,469.15 as of 3:11 p.m. ET (20:11 UTC) on Nov. 21, experiencing a 4.79% increase in the past day, The Block Prices show. 

The Block reached out to the Trump transition team for comment.