Source: Trump considers replacing cryptocurrency council with informal industry summit

PANews February 14th news, according to Unchained Crypto, the Trump administration may not eventually launch a formal "cryptocurrency council." According to three sources familiar with the decision-making process, the White House may convene a rotating group of cryptocurrency leaders to hold a series of "summits" on specific cryptocurrency policy issues. It is unclear how many summits will be held and when. Initial meetings may focus on issues such as banking, payments, data centers and Bitcoin mining. Two sources confirmed that industry associations have provided advice on different ideas. The U.S. government believes that these temporary crypto summits are a way to avoid conflicts among factions within the crypto industry. A series of policies have emerged between centralized and decentralized cryptocurrency projects, Bitcoin supremacists and altcoin executives, those who support and oppose integration with traditional finance, and individual executives who simply compete for power, have emerged. Differences.

Trump promised to form a cryptocurrency council in December, and Trump said cryptocurrency czar David Sacks will serve as chairman, while North Carolina young politician Bo Hines will serve as executive director. Although Hines has kept a low profile since the announcement, he has been meeting politicians and lobbyists on Capitol Hill in recent weeks, a direct source revealed.

Industry responses have mixed reviews about the potential shift from a formal council to a summit. A source described the idea as a pragmatic approach that would allow experts in relevant fields to comment on related issues. Others are skeptical, believing that the summit may be a mechanism to avoid conflict rather than a platform for making meaningful policies. Some sources even accused Trump of his interest in the summit more of collecting information for personal economic benefits than shaping policies.