Trump Shifts Crypto Policy: From Council to Summits
Trump Shifts Crypto Policy: From Council to Summits
The Trump administration is reportedly shifting its approach to cryptocurrency policy. Instead of forming a formal "Crypto Council," as initially announced, the administration plans to hold targeted summits with leaders from the digital asset industry. This information was reported by Unchained, citing sources familiar with the matter.
Key Policy Focus
These summits will address crucial policy areas impacting the crypto industry. Key areas of discussion will include:
- Banking and Financial Integration
- Payment Systems
- Data Centers and Infrastructure
- Bitcoin Mining and Regulation
This approach aims to mitigate conflicts between various factions within the crypto industry, notably the differences in perspective between centralized and decentralized projects regarding their integration with traditional finance.
A Change of Plans
This new strategy represents a departure from Trump’s earlier announcement of a "Presidential Council of Advisers for Digital Assets," which was to be led by venture capitalist David Sacks. Bo Hines, initially designated as the council’s executive director, has reportedly been instrumental in shaping this revised approach.
Industry groups have participated in the planning process for these summits; however, the specific timeline and number of planned meetings remain unclear.
Context: January 23 Executive Order
The proposed summits follow Trump’s January 23 Executive Order on digital assets. This order emphasized US leadership in blockchain technology while simultaneously prohibiting Central Bank Digital Currencies (CBDCs). It also created a working group tasked with reviewing crypto regulations and developing a comprehensive regulatory framework.
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