Bo Hines, the executive director of the White House Cryptocurrency Council appointed by President Trump, announced his resignation on Saturday.
Hines was appointed by the president in December 2024 to lead the advisory group. He stated that his resignation is to return to the private sector.
Although a successor has not yet been announced, independent crypto journalist Eleanor Terrett indicated that Hines' deputy, Patrick Witt, is likely to be appointed to succeed him.
The White House Cryptocurrency Council released a comprehensive report on the regulatory action plan for digital assets in the U.S. in July. While the advisory group has played a key role in policy guidance, critics argue that the council has failed to meet expectations regarding Bitcoin strategic reserves.
President Trump signed an executive order in January to establish a Bitcoin strategic reserve and a national cryptocurrency reserve. However, the order restricted the government's ability to acquire more Bitcoin.
The executive order prohibits the federal government from selling any Bitcoin already held by the U.S. government and requires the Treasury and Commerce Departments to seek "budget-neutral" ways to accumulate more digital currency.
Budget-neutral strategies mean that the U.S. government can only acquire new Bitcoin for reserves through asset seizures or other means that do not increase the public budget burden.
In March, Hines suggested that the U.S. government should re-evaluate its gold reserves, which are currently valued at $42.22 per troy ounce, while the spot market price for gold is about $3,400 per ounce.
A portion of the re-evaluated gold could be converted into Bitcoin, thereby increasing the national Bitcoin reserve size without incurring additional budget expenditures.
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Original article: “White House Cryptocurrency Council Director Bo Hines Announces Resignation”
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