Bo Hines Resigns from Position as Head of White House Crypto Council

Bo Hines, the managing director of US president Donald Trump’s White House Crypto Council, declared he is resigning on Saturday.

Hines, who was designated by the president to head the advisory committee in December 2024, mentioned he is leaving to return to the private sector and expressed gratitude to the crypto community for its “steadfast” support. He stated on Saturday:

“Being part of President Trump’s administration and collaborating with our extraordinary AI & Crypto Czar, David Sacks, as Executive Director of the White House Crypto Council, has been the privilege of a lifetime. Together, we have established America as the crypto capital of the globe.”

While a replacement has not yet been announced, independent crypto journalist Eleanor Terrett noted that Hines’ deputy director, Patrick Witt, is expected to be appointed to the role.

The White House Crypto Council released a thorough document suggesting a regulatory strategy for digital assets in the US in July. Although the advisory group has played a crucial role in shaping policy initiatives, skeptics assert that the council fell short on the strategic BTC reserve.

Related: Donald Trump to proceed with Bitcoin reserve ‘in short order’ — Bo Hines

Hines promoted BTC accumulation through budget-neutral approaches

President Trump issued an executive order creating a Bitcoin strategic reserve and a national crypto reserve in January. However, the order restricted the government’s methods for acquiring additional BTC.

The executive decree prohibits the federal government from selling any of the US government’s accumulated BTC and instructs the Treasury Department and the Commerce Department to identify “budget-neutral” methods for acquiring more of the digital asset.

Budget-neutral methods imply that the only means by which the US government can procure new BTC for the reserve is through asset seizures or mechanisms that do not impose extra burdens on the US public budget.

In March, Hines proposed that the US government should reassess its gold reserves, which are valued at $42.22 per troy ounce, while gold is trading at around $3,400 per ounce on the spot market.

A fraction of the revalued gold could subsequently be converted to BTC, thereby expanding the national Bitcoin reserve without incurring a budget expense.

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