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Resignation of the Chairman of the Cryptocurrency Council at the White House, and Amendments to Key Positions

On August 11, informed sources revealed that Bo Hines, the Chairman of the Cryptocurrency Council at the White House since the Trump administration's cryptocurrency policy team, will step down from his position and return to the private sector. His deputy, Patrick Witt, is expected to take over his position.

Since taking office in December 2024, Hines has led several key policies, including the passage of the GENIUS Act, which establishes a regulatory framework for stablecoins pegged to the US dollar.

Additionally, his responsibilities have focused on creating a regulatory roadmap for digital assets and implementing Trump’s executive order to establish a strategic reserve of Bitcoin.

It is noteworthy that the reserve policy he followed during his tenure adhered to the principle of 'budget neutrality', meaning that the government’s reserves of Bitcoin were only increased through .

In March of this year, Hines proposed a review of US gold reserves in an attempt to free up funds to purchase Bitcoin without increasing the federal budget. Furthermore, during the first three months of his tenure, he engaged in intensive discussions with more than 150 representatives from the sector.

Despite his resignation from the chairmanship of the committee, Hines will continue to assist David Sacks, the Commissioner for Artificial Intelligence and Cryptocurrencies.$XRP