🟪 Crypto council cold feet

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Is Trump having second thoughts about a crypto advisory council?

So reports Unchained’s Veronica Irwin, whose article says that the White House may opt for “summits” focused on specific policy areas.

If true, it would represent a significant step down from a major promise made to the crypto industry in exchange for its support — not to mention the millions of 2024 campaign dollars. 

Trump’s promise to give crypto execs a seat at the proverbial table set off a months-long scramble to secure said seats. Since then, we’ve seen a string of similar headlines focused on that jockeying for position and — so the hopes go — shape US crypto regulation in a way that is more favorable than, say, the let’s-go-to-court approach spearheaded by former SEC chief Gary Gensler.

The hustle for a council seat appears to have become somewhat contentious. And that tension, Unchained reports, has led to a possible desire to scuttle the council so as to not further fuel the acrimony.

One wonders whether these summits, if held, would offer the same access or prestige as the council. Probably not? In Washington, proximity to power is everything, and the next few months should reveal whether real policy change comes from Congressional action, or, as the White House would have it, a growing array of executive orders.

While these crypto summits may offer some of that proximity, a more permanent involvement would probably yield better results. But here we are.

I also wonder if certain industry participants will take a broken promise personally, and yeah, I think scuttling the proposed council would count as one. The question, then, is whether there would be a tangible reaction. I doubt it — at least, not until regulations with real legal weight pass Congress and score Trump’s signature.

In the end, maybe the rumored scuttling of the crypto advisory council will turn out to be a big nothingburger. 

Or maybe not — and perhaps we’ll find out whether other promised crypto moves become subject to revision. 

And now, on to the round-up:

— Michael McSweeney

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