Trump Administration May Opt for Cryptocurrency Summits Over Formal Council

According to PANews, the Trump administration may not establish a formal 'Cryptocurrency Council' as previously anticipated. Sources familiar with the decision-making process indicate that the White House is considering organizing a series of rotating summits with cryptocurrency leaders to discuss specific policy issues. The number and timing of these summits remain unclear, but initial meetings are expected to focus on banking, payments, data centers, and Bitcoin mining. Two sources confirmed that industry associations have provided input on various ideas. The U.S. government views these temporary summits as a way to avoid conflicts within the cryptocurrency industry, which is divided on several policy issues. These divisions include centralized versus decentralized projects, Bitcoin maximalists versus altcoin executives, and those for and against integration with traditional finance, as well as individual executives vying for power. In December of last year, U.S. President Donald Trump promised to establish a Cryptocurrency Council, naming David Sacks as the council's chair and young North Carolina politician Bo Hines as the executive director. A source with direct knowledge revealed that although Hines has maintained a low profile since the announcement, he has been meeting with politicians and lobbyists on Capitol Hill in recent weeks. The potential shift from a formal council to summits has elicited mixed reactions from the industry. One source described the idea as a pragmatic approach that allows experts to voice their opinions on relevant issues. Others remain skeptical, viewing the summits as a mechanism to avoid conflict rather than a platform for meaningful policy development. Some sources even accused Trump of being more interested in gathering information for personal economic gain than in shaping policy.