President-elect Donald Trump has named Bo Hines, a former college football player and 2022 Republican candidate for Congress, as executive director of his administration’s new “Crypto Council.”
Trump announced the nomination on December 22, 2024 via his Truth Social platform, saying Hines would serve as executive director of the Presidential Council of Digital Asset Advisors. The board will be led by David Sacks, Trump’s pick as cryptocurrency and artificial intelligence czar.
“In his new role, Bo will work with David to drive innovation and growth in the digital assets industry, while ensuring industry leaders have the resources they need to succeed,” Trump he said in his announcement.
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Hines has received financial support from pro-cryptocurrency PACs
Hines, who narrowly lost his bid for North Carolina’s U.S. House seat in 2022, previously received financial support from several pro-crypto political action committees, including American Dream Federal Action.
Notably, former FTX CEO Ryan Salame, now serving a seven-year prison sentence for illegal political contributions, reportedly donated $13.4 million to Republican candidates, including Hines.
Trump also revealed that Sriram Krishnan, formerly Andreessen Horowitz (a16z) general partnerwould join the Crypto Council as a senior advisor on AI policy.
“I am honored to serve our country and ensure America’s continued leadership in artificial intelligence” Krishnan wrote on X, formerly known as Twitter, following the announcement.
I am honored to be able to serve our country and ensure America’s continued leadership in artificial intelligence by working closely with @DavidSacks.
Thank you @realDonaldTrump for this opportunity. pic.twitter.com/kw1n0IKK2a
— Sriram Krishnan (@sriramk) December 22, 2024
The appointments highlight Trump’s continued support for the cryptocurrency industry. During his presidential campaign, Trump pledged to make the United States the “cryptocurrency capital of the world,” securing millions in campaign contributions from cryptocurrency industry executives.
In addition to these appointments, Trump has appointed other prominent pro-cryptocurrency figures to key roles, including billionaire entrepreneur Elon Musk.
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Trump appoints pro-crypto individuals to key positions
Earlier this month, Trump appointed former Securities and Exchange Commission Commissioner Paul Atkinsa cryptocurrency advocate, to chair the agency. Industry leaders hope Atkins’ leadership will bring a more favorable regulatory environment for digital assets.
Under the Biden administration, outgoing SEC Chairman Gary Gensler has taken a tough approach toward the cryptocurrency industry, bringing enforcement actions against several high-profile companies and projects.
Trump has been critical of Gensler’s policies, promising during his campaign to fire him “on day one.” However, Gensler pre-empted this move by announcing his resignation, effective in January.
As reported, the SEC ha taken a tougher stance against cryptocurrency companies in 2024. More specifically, the regulator it levied nearly $4.7 billion in enforcement actions against crypto companies, an increase of 3.018% compared to 2023.
More recently, Trump did too mentioned the plans for a strategic U.S. Bitcoin reserve similar to the nation’s strategic oil reserve.
Speaking on CNBC last week, Trump said: “We’re going to do something great with cryptocurrencies because we don’t want China or anyone else – not just China but others are embracing it – and we want to be the leader.”
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