Bo Hines, executive director of President Donald Trump’s White House Crypto Council, announced on Saturday that he would resign.
Hines, who was appointed president to lead the advisory group in December 2024, said he resigned to join the private sector again and thanked the Crypto community for his “unwavering” support. He wrote on Saturday:
“Since serving in President Trump’s administration and working with our incredible AI & Crypto Czar, David Sachs has been a lifelong honor as executive director of the White House Crypto Council.
The successor has not yet been named, but independent code reporter Eleanor Terrett said there is a high possibility that Hines’ associate director, Patrick Witt, will be appointed to the position.
The White House Script Council released a comprehensive report in July proposing a regulatory action plan for US digital assets. Advisory groups have helped guide policy efforts, but critics say Congress lacks a shortage of strategic BTC reserves.
Related: Donald Trump Takes Bitcoin Reserve “In Short Order” – Bo Hines
Hines advocated accumulation of BTC through a budget neutral strategy
President Trump signed an executive order in January to establish a strategic Bitcoin reserve and national crypto stockpile. However, the order has restricted the way the government obtains additional BTC.
The executive order prohibits the federal government from selling any of the US government’s accumulated BTC, and directs the Treasury and Commerce departments to find a “budget-neutral” strategy to accumulate more digital currencies.
A budget-neutral strategy means that the only way the US government can acquire new BTC for preparation is to not seizure assets or put an additional burden on the US public budget.
In March, Hines suggested that the US government should revalue its gold holdings at a price of $42.22 per troy ounce, but gold is trading at about $3,400 per ounce on the spot market.
A portion of the revalued gold can be converted to BTC, increasing the size of the National Bitcoin Reserve without creating budgetary expenses.
Magazine: Crypto has grown significantly over four years.
