Trump’s Crypto Council: A Comedy of Errors or Just a Bad Joke? 😂

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In the grand theater of American politics, where the absurd often masquerades as the profound, it appears that President Donald Trump’s administration is contemplating a rather curious pivot. The once-promising notion of a formal “Crypto Council” seems to be slipping into the icy abyss of forgotten ambitions, replaced instead by a series of informal summits. These gatherings, featuring a rotating cast of industry leaders, may well be the administration’s attempt to navigate the turbulent waters of the digital asset industry, which, like a flock of startled birds, has splintered into various factions.

Crypto Council On Ice, Summits In Play

According to the ever-reliable Unchained, three anonymous sources—who, one might imagine, are sipping their coffee in a dimly lit café—have revealed that these proposed summits will address a veritable cornucopia of policy issues. From banking and payments to the enigmatic world of Bitcoin (BTC) mining, the agenda promises to be as diverse as the opinions of crypto enthusiasts themselves.

In a delightful twist of fate, Unchained reported: “The Trump administration may not launch a formal ‘crypto council’ after all. Instead, the White House will likely gather a rotating group of crypto leaders for a series of ‘summits’ on specific crypto policy issues.” One can only wonder if these summits will feature a game of musical chairs, with industry leaders vying for the coveted seat at the table.

As the clock ticks, the exact number of summits and their timing remain shrouded in mystery. Two of the sources, perhaps with a hint of mischief, suggested that industry trade associations are weighing in on potential formats and discussion topics. One can only imagine the lively debates that will ensue over the merits of decentralized finance versus the allure of centralized exchanges.

It seems the Trump team, in a bid to avoid the internecine power struggles that plague the crypto ecosystem, has opted for this ad hoc approach. The industry, much like a family reunion gone awry, has splintered into factions: the “Bitcoin maximalists,” the proponents of decentralized finance (DeFi), and those who simply wish to keep their heads down and avoid the fray.

Once upon a time, many in the digital asset realm had high hopes for the establishment of a “presidential Council of Advisers for Digital Assets (the ‘Crypto Council’).” This dream was fueled by a December post from President Trump on Truth Social, where he waxed poetic about an advisory group “composed of luminaries from the Crypto industry.” Alas, it seems that the luminaries may have dimmed.

“Should be obvious at this point. And sources confirming late last night: ‘Ripple pressed too hard, no chance XRP makes it into any fed level reserve,’ and ‘Focus remains on Bitcoin and best path to an SBR [
] ‘SBR isn’t simple, will take time; have to avoid law of unintended consequences [
] Trump is smart, trusts Bitcoin first thesis.’” One can almost hear the collective gasp of disbelief from the Ripple camp.

These remarks suggest that Ripple’s lobbying efforts—or perhaps their perceived overreach—might be pushing the Trump administration away from granting Ripple a prominent role in government-level discussions. However, Parish’s posts, like a magician’s trick, are based on anonymous sources and remain unverified. The suspense is palpable!

Several prominent figures in the Bitcoin community have weighed in on these rumored developments. Julian Fahrer, co-founder of Apollo, quipped via X: “Trump is considering abandoning the Crypto Council. Not surprising. Imagine what Ripple’s contribution has been so far: ‘Here’s our plan for dumping XRP on the American people in perpetuity.’ Shocking that this brain trust isn’t working out!” One can only imagine the eye rolls that followed.

Meanwhile, Steven Lubka, Head of Swan Private, chimed in on X: “Ripple’s posturing may have nuked the entire crypto council with Trump leading towards summits instead.” Ah, the sweet taste of schadenfreude!

At press time, XRP traded at $2.54, a number that may soon be as elusive as the truth in this ever-evolving saga.

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2025-02-14 18:45