U.S. Treasury Taps Galaxy Digital for Crypto Advice

U.S. Treasury Secretary Scott Bessent has hired Galaxy Digital as legal counsel to advise on cryptocurrency, according to a recent report by BlockBeats News. The appointment of Tyler Williams, Galaxy Digital's regulatory counsel, as a Digital Asset and Blockchain Technology Policy Advisor is a significant move that signals the U.S. government's growing interest in the cryptocurrency sector.

Tyler Williams brings a wealth of experience to the role, having previously served as Deputy Assistant Secretary at the Treasury Department and worked on financial regulation in both the Senate and the House of Representatives. His appointment comes at a time when the U.S. government is exploring the potential of cryptocurrency as a tool for government purchases and holdings.

Earlier this month, U.S. President Trump signed an executive order directing the Treasury and Commerce Departments to create a sovereign wealth fund, expected to be established by the end of this year. Although Bitcoin is not directly associated with this fund, it could potentially become a tool for the government to purchase and hold cryptocurrency. Trump had previously proposed that the federal government consider digital currency as part of the national reserve strategy. However, in the executive order, he only instructed his crypto advisor to assess the feasibility of establishing a digital asset reserve.

The appointment of Galaxy Digital as legal counsel to advise on cryptocurrency is a clear indication that the U.S. government is taking a more proactive approach to the cryptocurrency sector. As the cryptocurrency market continues to grow and evolve, it is likely that we will see more government involvement and regulation in the space. With Tyler Williams' extensive experience in financial regulation, he is well-positioned to provide valuable guidance to the U.S. Treasury Department as it navigates the complex and rapidly-changing world of cryptocurrency.