President-elect Donald Trump has appointed Bo Hines, an ex-college football player and GOP House nominee, as the Executive Director of the Presidential Council of Advisers for Digital Assets, or Crypto Council.
Hines will work closely with Trump’s new AI and crypto czar David Sacks.
Hines will start working with David Sacks, Trump’s newly appointed AI and crypto czar, to promote innovation in the digital assets space, ensuring that industry leaders have access to the necessary resources for success.
“Together, they will create an environment where this industry can flourish, and remain a cornerstone of our Nation’s technological advancement,” Trump shared in a statement on Truth Social.
Thank you, Mr. President! It will be the honor of a lifetime to serve in your next administration. Thank you for everything you have done and continue to do for our country. @realDonaldTrump
I am thrilled to work alongside the brilliant @DavidSacks to ensure that this industry… pic.twitter.com/DWzU6vO2Oe
— Bo Hines (@BoHines) December 22, 2024
New Blood
Hines has yet to publicly express his stance on Bitcoin or cryptocurrencies. However, The Block reported that Trump’s new crypto council had somewhat engaged with cryptocurrencies in the past.
Hines reportedly received support from pro-crypto political action committees (PACs) during his 2022 congressional campaign in North Carolina.
Hines was particularly supported by the Club for Growth, a conservative PAC that promotes limited government and economic freedom, in his bid for the 13th congressional district.
The PAC actively backs candidates who share their pro-growth and pro-crypto principles. This indicates that Hines might be considered an advocate for cryptocurrency or a crypto-friendly candidate.
In a response to his nomination on X, Hines expressed enthusiasm for working alongside Sacks. He also noted that his role will promote the cryptocurrency industry as an integral part of the nation’s technological advancement.
A number of industry figures have shown support for Hines’ appointment, including MicroStrategy’s executive chairman Michael Saylor and Cardano founder Charles Hoskinson. David Sacks also delivered a congratulatory message to Hines.
Better Policies
Earlier on Sunday, Trump announced the appointment of Stephen Miran as chair of his Council of Economic Advisers (CEA). Miran is expected to lead an agency that plays a crucial role in advising the president on economic policy.
The council is tasked with preparing an annual report that provides an overview of the nation’s economy, reviews federal policies and programs, and makes recommendations for economic policy.
Miran previously worked as a senior economic policy adviser at the Treasury Department during Trump’s first term. His expertise and experience are expected to guide Trump’s economic initiatives, whose goal is to foster a vibrant, non-inflationary economy that benefits all Americans.
Miran is a crypto supporter; he said in a podcast hosted by The Bitcoin that cryptocurrencies can contribute to economic innovation and growth during Trump’s administration.
The economist has also criticized the existing financial regulatory framework as overly burdensome, which he believes hinders the growth of banking as well as the potential for crypto-economic innovation.
Both Hines’ and Miran’s appointments are subject to Senate approval.
Trump is forming one of the most crypto-friendly teams in history. The President-elect has nominated numerous individuals known for their favorable, supportive stance on cryptocurrency to key positions, like Paul Atkins, a lobbyist for the crypto sector who is set to lead the Securities and Exchange Commission (SEC).
The Trump administration’s approach appears focused on reducing regulatory burdens that have long created burdensome for the crypto sector. Under SEC’s Chair nominee Atkins, the SEC, the agency most associated with the industry, is expected to shift its stance to a less stringent regulatory approach.
The incoming administration plans to establish a Strategic Bitcoin Reserve and create a dedicated Bitcoin and Crypto Advisory Council. These initiatives will focus on developing policies that foster growth and innovation in the sector’s various areas such as stablecoins and decentralized finance (DeFi).
It is widely expected that Trump will soon name a CFDC Chairman, who will oversee an agency that works closely with crypto companies.
