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Chairman of the White House Cryptocurrency Council Resigns, Key Position Undergoes Personnel Adjustment

On August 11, according to informed sources, Bo Hines, the chairman of the White House Cryptocurrency Council from the Trump administration's cryptocurrency policy team, is set to resign and return to the private sector. His position is expected to be taken over by his deputy, Patrick Witt.

Since taking office in December 2024, Hines has led the promotion of several important policies during his tenure, including the passage of the GENIUS Act, which established a regulatory framework for U.S. dollar stablecoins.

Additionally, his focus has included developing a regulatory roadmap for digital assets and implementing Trump's executive order on establishing a Bitcoin strategic reserve.

It is noteworthy that his reserve policy during his term adhered to the principle of 'budget neutrality,' meaning that the government's Bitcoin holdings would only be increased through non-fiscal spending methods such as asset seizure.

In March of this year, Hines proposed reassessing U.S. gold reserves, attempting to free up funds for Bitcoin acquisitions without increasing the federal budget. Furthermore, in the first three months of his tenure, he engaged in extensive contact and discussions with over 150 industry representatives.

Despite resigning from the chairmanship of the council, Hines will continue to assist David Sacks, the head of artificial intelligence and cryptocurrency affairs, in advancing relevant work as a special government employee.

He stated on social media that he is deeply honored to have collaborated with David Sacks in making the U.S. the 'world capital of cryptocurrency' and expressed gratitude for the support from the cryptocurrency community. After returning to the private sector, Hines will continue to support the vibrant development of the cryptocurrency ecosystem in the U.S.

His successor, Patrick Witt, previously served as Hines' deputy, and both were college football players, with Witt serving as a quarterback at Yale University.

However, Witt lacks direct experience in the cryptocurrency field, with his professional background primarily focused on defense technology investments, having served as the acting director of the Pentagon's Strategic Capital Office.

This personnel change comes at a critical time as the Trump administration continues to advance its cryptocurrency policy agenda, and whether Witt can maintain the momentum of Hines' work is a major concern within the industry.

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