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Bo Hines Steps Down from White House Crypto Council, Moves to Private Sector
Washington, D.C. – The U.S. crypto policy landscape is losing one of its most visible leaders. Bo Hines, who rose to head the Presidential Council of Advisers for Digital Assets in late 2024, has announced his departure after less than a year in the role. The move marks a shift for the Trump administration’s push to position the United States as a global blockchain hub, raising questions about whether its momentum can be sustained.
Key Points
- Hines was appointed in December 2024 by President Donald Trump and worked closely with David Sacks to advance U.S. crypto leadership.
- His departure, effective August 9, 2025, is driven by a return to the private sector, though he plans to remain active in supporting the digital asset industry.
- Patrick Witt, the current deputy director, is widely expected to take over, though no official confirmation has been made.
A Short but Impactful Tenure
Hines’ exit comes just weeks after the release of the council’s flagship regulatory report on digital assets. In a statement, he called his time in the role “the honor of a lifetime” and expressed gratitude to the crypto community for its support.
During his tenure, Hines spearheaded several initiatives, including close coordination with the White House’s AI & Crypto Czar, David Sacks. His work was central to the administration’s broader pro-innovation agenda.
Policy Legacy: Ambition Meets Constraints
One of Hines’ hallmark projects was the Strategic Bitcoin Reserve Initiative. Signed into policy by President Trump in January 2025, the plan created a national BTC reserve and crypto stockpile, prohibiting state sales and requiring budget-neutral acquisitions.
To expand reserves, Hines proposed a novel approach: revaluing U.S. gold reserves (currently recorded at $42.22 per ounce versus a spot price around $3,400) and converting part of the updated value into bitcoin. While potentially transformative, the recommendation has yet to be implemented. Critics have also noted the slow pace of BTC accumulation under the plan.
Looking Ahead
Hines leaves behind a mixed legacy—political momentum bolstered by the passage of the Genius Act, but several strategic initiatives remain incomplete. His successor will face the challenge of advancing these policies while navigating regulatory, fiscal, and political hurdles.
Whether under Patrick Witt or another appointee, the future of America’s ambition to lead the global crypto industry will hinge on converting bold proposals into measurable outcomes.
@ Newshounds News™
Source: CoinTribune
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Crypto Debanking Persists Despite Trump’s Pro-Crypto Push
Washington, D.C. – Despite President Donald Trump’s pro-crypto policies and campaign promises, U.S. banks continue to close accounts for crypto firms, a practice widely associated with “Operation Chokepoint.” Industry leaders say the debanking trend remains deeply entrenched, creating significant challenges for the sector.
Key Points
- Ongoing Debanking: U.S. banks are still cutting off crypto companies, often without explanation, despite federal pro-crypto rhetoric.
- Unicoin Impact: Unicoin CEO Alex Konanykhin reports that his company and subsidiaries have been debanked by multiple major banks.
- Potential Policy Shift: President Trump is preparing an executive order to identify and penalize banks engaged in debanking.
- Regulatory Uncertainty: Experts warn that meaningful reform will depend on the final wording of regulations and laws.
A Practice That Won’t Go Away
After Trump’s election, many in the crypto community expected an end to restrictive banking practices. However, recent warnings from industry figures suggest otherwise. Andreessen Horowitz partner Alex Rampell recently described the latest wave of restrictions as “Operation Chokepoint 3.0,” targeting fintech and crypto apps through higher fees and barriers to fund transfers.
Konanykhin confirmed that Unicoin has been impacted first-hand, losing accounts with Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank over the years—four of them in 2025 alone. “This suggests that Chokepoint is a large-scale nationwide operation,” he said, noting that Unicoin is a publicly reporting company with six years of audited financials and over 4,000 shareholders.
Economic Impact on U.S. Crypto
Konanykhin described the debanking campaign as “highly disruptive and damaging,” depriving crypto firms of essential banking services and suppressing U.S. competitiveness in the global digital asset market.
On Thursday, Bloomberg reported that President Trump plans to sign an executive order directing federal banking regulators to identify and penalize institutions engaged in debanking. The order would also require certain banks to reinstate unlawfully denied clients.
Konanykhin expressed optimism:
“The President knows the pain of de-banking first-hand and seems determined to stop this form of economic warfare against American businesses.”
He added that ending the practice could help U.S. crypto achieve global prominence, likening its potential influence to Hollywood in entertainment or Silicon Valley in technology.
The Role of Regulation
While political intent is clear, regulatory outcomes remain uncertain. Elizabeth Blickley, a partner at Fox Rothschild’s Tax Controversy & Litigation Practice, stressed that change will hinge on the final language of rules and laws.
She cited the Genius Act, recently signed into law, which gives the Federal Reserve’s Stablecoin Certification Review Committee 180 days to design a regulatory framework. However, she cautioned that many bills never progress in Congress and that resulting regulations could face legal challenges from multiple fronts.
“A regulation may facially comply with the President’s request or a law passed, yet have little application or disproportionate impacts based solely on word-choice,” Blickley said.
For now, she believes banks will maintain a risk-averse approach toward crypto until new regulations clearly reduce perceived risks:
“It’s all about making risk-averse entities and people feel like crypto is less of a risk.”
@ Newshounds News™
Source: Cointelegraph
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Tether & Circle Now Hold More U.S. Debt Than Several Nations
Two of the world’s largest stablecoin issuers, Tether (USDT) and Circle (USDC), have quietly emerged as major players in the U.S. Treasury market — now holding more U.S. government debt than Germany, South Korea, and the UAE combined.
Fueled by rising global adoption and the recent GENIUS Act, which legitimized stablecoin use, the sector’s total market cap of $270 billion could soar to $2 trillion by 2028. Tether currently holds over $100 billion in Treasury bills, ranking as the 18th-largest holder worldwide, while Circle’s $45–$55 billion portfolio pushes the combined total beyond those of several advanced economies.
Stablecoins, once niche crypto tools, are increasingly integrated into cross-border payments and institutional finance, with transaction volumes already rivaling Visa. Industry experts say their growing demand for U.S. debt could help stabilize Treasury markets and reinforce dollar dominance.
However, skeptics warn of potential financial stability risks if confidence in issuers falters, and banking lobbyists caution about possible impacts on deposits and lending. Still, the emergence of stablecoin issuers as heavyweight U.S. debt buyers marks a pivotal shift — with liquidity power now partly concentrated in the hands of crypto-native institutions.
@ Newshounds News™
Source: BeInCrypto
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