President Donald Trump’s administration is reportedly shifting away from the idea of a formal crypto council in favor of hosting a series of informal summits with a rotating group of industry leaders. These summits are said to focus on specific policy issues such as banking, payments, data centers, and Bitcoin mining.
The decision to opt for informal summits comes as a strategic move to navigate the internal divisions within the crypto industry, which has been split along various ideological and business lines. The industry has seen conflicts between centralized and decentralized projects, Bitcoin maximalists and altcoin executives, as well as differing opinions on integrating crypto with traditional finance.
The administration’s move towards informal summits is seen as a way to create a more flexible and less contentious forum for discussions. Trade associations have been actively providing input on the structure and agenda of these discussions, although the number and timing of the summits remain unclear.
Industry reactions to the potential shift from a formal council to summits have been mixed. While some view it as a pragmatic approach that allows subject-matter experts to weigh in on relevant issues, others are skeptical, suggesting that the summits could be a way to avoid conflicts rather than a platform for meaningful policy development.
Trump’s initial plans for a crypto council were hinted at during his campaign, where he mentioned working with regulators to create a regulatory framework for crypto. Reports suggested that executives from major crypto companies like Coinbase, Ripple, and Kraken sought a seat on the council. The idea was formally introduced through an executive order signed by Trump on Jan. 23, establishing the “Presidential Working Group on Digital Asset Markets.”
David Sacks, named the “White House AI & Crypto Czar,” was designated as the leader of the council, which would also be responsible for assessing and potentially establishing a digital asset stockpile focused on Bitcoin.
However, the Trump administration has not issued an official statement on the matter and has yet to respond to requests for comment. The shift towards informal summits signals a potential change in approach towards engaging with the crypto industry and addressing key policy issues affecting the sector.