Trump Administration Shifts Crypto Policy: Targeted Summits Replace Crypto Council

The Trump administration is shifting its approach to cryptocurrency policy, moving away from the idea of a formal "Crypto Council" and instead planning targeted summits with industry leaders. This new strategy aims to address specific policy areas such as banking, payments, data centers, and bitcoin mining, while also reducing tensions between competing industry factions.

The proposed summits will bring together rotating groups of crypto leaders, allowing for a more focused discussion on key issues. This approach is a departure from the previously announced "Presidential Council of Advisers for Digital Assets," which was to be chaired by venture capitalist David Sacks. Bo Hines, initially named as the council's executive director, has been consulting with stakeholders to explore alternative approaches.

Industry trade groups have been involved in providing input for the summit planning process, though the timeline and number of proposed meetings remain undefined. The consideration of these summits follows Trump's January 23 Executive Order on digital assets, which promoted US leadership in blockchain technology while prohibiting Central Bank Digital Currencies. The order also established a working group to review crypto regulations and develop a comprehensive framework.

The shift in policy approach reflects the administration's recognition of the need for a more nuanced and inclusive dialogue with the cryptocurrency industry. By addressing specific policy areas through targeted summits, the administration hopes to foster a more productive and collaborative relationship with industry leaders, ultimately leading to more informed and effective policy decisions.