Industry organizations vying for seats on Trump's cryptocurrency advisory board spark consumer group warnings: one should not be both the judge and the player

On November 23, according to Reuters, Trump promised to establish a new committee as part of a crypto-friendly government. Insiders say his transition team is discussing how to build and equip this committee, and which companies should be included. According to several digital asset industry executives, numerous crypto companies such as Ripple, Kraken and Circle are vying for seats on the cryptocurrency advisory committee that President-elect Trump has promised to establish, seeking a voice in its planned US policy reforms. However, some consumer groups warn that the cryptocurrency industry should not "be both referee and player", some insiders say ethical considerations may slow personnel appointments. But others argue it makes sense for industry experts to participate in key policy issues.

Trump won support from the industry and campaign donations by promising to become the "Crypto President" and end Biden's crackdown on crypto companies accused of violating securities and anti-money laundering laws. Trump is also pushing an executive order ensuring crypto companies can access banking services, ending law enforcement actions against them among other changes.