The White House is set to hold its first-ever crypto summit on Friday—and most industry bigwigs are jockeying for a seat at the table.
AI and Crypto Czar is expected to run the inaugural Crypto Summit David Sacks The promise of President Donald Trump is essentially replaced. “crypto council,” Sources told us that the government quietly abandoned it in recent weeks, as the crypto industry’s infighting threatened political goodwill. Decrypt.
On Tuesday, the first official invitations began to arrive. Strategy cofounder is confirmed as a participant. Michael Saylor, Multicoin Capital managing partner Kyle SamaniParadigm founder and co-founder Matt HuangRobinhood CEO, amongst others. Robinhood CEO Vlad Tenev He hinted about his presence in a vague Post by The company did not return your call immediately DecryptRequest for comments from.
Coinbase and Kraken have also confirmed their presence. Decrypt These CEOs represent the American Crypto Exchanges. Brian Armstrong You can also find out more about the following: Arjun SethiOn Friday,. Ripple’s spokesperson declined to say whether Brad Garlinghouse, CEO, received an invitation.
Kristin Smith told us that the Blockchain Association is a lobbying group in crypto. Decrypt Around 20 to 25 leaders from the crypto industry are expected at Friday’s event, with most being founders and CEOs.
Sacks may not be the only Trump Administration official attending the summit. Members of the White House’s Digital Assets Working Group, such as Treasury Secretary, are also expected to attend. Scott Bessent And the Acting Heads of SEC and CFTC.
Trump’s crypto-specific agreement was signed in January, just a few days after his inauguration. Executive Order The President established a Presidential Working Group to study digital asset markets. According to the details, this working group consisted of all Trump administration officials.
Crypto lobbyists have told multiple people Decrypt The announcement in January of the working group was a complete surprise. Trump pledged weeks earlier to form a permanent crypto council It would allow industry leaders to have direct and ongoing access the White House, as well as the closest advisors of the President.
Trump officials, on the other hand, abandoned those plans and quietly retreated from them at some stage in January. Multiple sources with knowledge of the situation told Decrypt Any plans to create a White House Crypto Council featuring leaders in the industry are officially dead.
The White House instead will host sporadic summits on crypto with key industry figures, such as the one planned for Friday. Trump’s administration may also convene regular meetings of the crypto working group within itself.
Why did Trump terminate his crypto council and why not? Sources revealed Decrypt The decision was likely influenced by the increase in internal conflict amongst industry groups fighting for their own priorities and the overwhelming demand for council seats.
“I would say they made an excellent strategic decision to keep a pissing match outside of the White House, as opposed to bringing it inside the White House,” One source who spoke candidly and requested anonymity said Decrypt.
As lawmakers and White House officials take their first stabs at creating favorable rules for the industry, crypto leaders have begun to splinter—sometimes PublicationSometime with Violence—on key issues.
Recent weeks have seen heated arguments over whether or not stablecoin issuers outside the United States, such as Tether, should be allowed to continue using their currency. Access to U.S. TreasuriesWhat other coins should we include besides Bitcoin? Federal Crypto Reserve.
In such an atmosphere, it would have been easy for a crypto-council to become the breeding ground of conflict over time. This could also have alienated many players in the industry from the start.
“I did worry that a council would be perceived as picking winners and losers by limiting it to only a small group,” Kristin smith, of the Blockchain Association said.
Smith also said that a continuing series of crypto summits held at the White House would allow many more voices within the industry the opportunity to speak directly with Trump Administration.
She said that in just one week, she’s observed “huge demand” from industry players for inclusion in Friday’s summit—only furthering her belief that a crypto council, as originally planned, would not have turned out well.