On Sunday, President-Elect Donald Trump unveiled Bo Hines as his pick for the executive director of a presidential crypto council.
“In his new role, Bo will work with [incoming AI and crypto czar] David [Sacks] to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed,” Trump wrote on Truth Social. "Together, they will create an environment where this industry can flourish, and remain a cornerstone of our nation's technological advancement."
In 2022, Trump endorsed Hines for a House seat representing North Carolina's 13th District. Hines, however, lost his bid to Democrat Wiley Nickel, despite gaining the support of another pro-crypto figure, Ryan Salame, the former CEO of FTX Digital Markets.
Hines, an ex-football player turned political figure, will take part in the Presidential Council of Advisers for Digital Assets alongside Sacks. The council will guide Trump on cryptocurrency and help develop national policies that foster innovation in the nascent technology.
Trump has pledged to usher in a new regulatory environment for digital assets, after receiving millions from the crypto industry on the campaign trail. Almost half of the corporate money in 2024 election races stemmed from the crypto sector, a marked uptick from previous years, according to the D.C.-based watchdog group Public Citizen.
“The leverage of political spending, insider connections, and a sweetheart deal for Donald Trump are likely to generate political momentum for deregulation that will, ultimately, swindle average crypto investors,” said Robert Weissman, co-president of Public Citizen.
“Investors should not view deregulation as a good thing,” Weissman added. “There may well be a short-term bump in crypto values because of the vibes of the election. But over the medium and long term, investor protections help investors. Deregulation is sure to fuel bubbles that will eventually burst and cause huge losses for small crypto investors.”