The Trump administration might be ditching plans for a formal “Crypto Council” and instead opting for a series of informal summits with industry leaders.
Summits Instead of a Council?
This change, reportedly driven by both policy considerations and internal industry tensions, suggests a series of summits focusing on specific crypto policy issues like banking, payments, data centers, and Bitcoin mining. The White House will reportedly invite a rotating group of crypto leaders to these summits. The exact number of summits and their timing remain unclear, but industry groups are apparently involved in shaping their format and topics.
Why the Change?
The shift seems aimed at avoiding infighting within the diverse crypto world. The industry is fragmented into groups like Bitcoin maximalists, DeFi proponents, centralized exchange supporters, and others with varying views on how crypto should integrate with traditional finance.
Initially, a “presidential Council of Advisers for Digital Assets” (the “Crypto Council”) was expected, fueled by a Trump post mentioning a group of crypto industry leaders. David Sacks and Bo Hines were reportedly slated to lead this council. While Hines has been relatively quiet lately, he’s reportedly been meeting with lawmakers and lobbyists to explore alternatives. The summits could be presented as a way to get input from top experts.
However, some suspect the change is less strategic and more about avoiding conflict or even a way for Trump to gain insider information for personal gain. Concerns have been raised about Trump’s personal crypto ventures, including a TRUMP memecoin and involvement with World Liberty Financial. These ventures have been called an “embarrassment” by some sources.
The Ripple Factor?
Rumors suggest Ripple’s lobbying efforts might be a key factor in the shift. An alleged insider statement claims Ripple pushed too hard, making it unlikely XRP will be part of any federal reserve discussions. The focus, it’s claimed, remains on Bitcoin and a strategy for a stablecoin (SBR).
Several Bitcoin community figures have weighed in, suggesting Ripple’s actions might have scuttled the Crypto Council idea. They express skepticism about Ripple’s influence and its potential impact on the overall crypto landscape.
While these claims are based on anonymous sources and haven’t been verified, they highlight the speculation surrounding the administration’s change in approach. At the time of this writing, XRP was trading at $2.54.
