Ripple’s aggressive push for influence may have inadvertently torpedoed Trump’s planned crypto advisory council. According to sources close to the administration, what was supposed to be a formal council has now morphed into a series of informal summits – and Ripple’s overeager lobbying efforts might be to blame.
The Trump administration is pivoting to rotating groups of industry leaders instead of a permanent council structure. These summits will tackle specific areas like banking, payments, and Bitcoin mining. It’s a convenient way to dodge the industry’s internal drama, which has been heating up faster than a malfunctioning mining rig.
An anonymous source dropped a bombshell, stating there’s “no chance XRP makes it into any fed level reserve.” Ouch. That’s got to sting for Ripple CEO Brad Garlinghouse, who was previously considered for council membership. Looks like pushing too hard for a seat at the table might have flipped the whole table over.
Ripple’s aggressive lobbying backfired spectacularly, with insiders confirming XRP has zero shot at federal reserve status.
The crypto community’s reaction has been predictably divided. Some see the summit approach as a smart move to bring in subject-matter experts. Others think it’s just a clever way to avoid dealing with the endless feuds between Bitcoin maximalists and altcoin executives. Because apparently, the crypto world needed more drama.
Trump’s administration claims the shift is about maneuvering the complex landscape of centralized versus decentralized projects. But let’s be real – it’s also about avoiding the headaches of dealing with warring crypto factions.
The January 23 Executive Order established a working group for crypto regulations, maintaining the ban on Central Bank Digital Currencies while promising to promote U.S. leadership in blockchain technology.
Meanwhile, Ripple’s past political donations and lobbying efforts are under the microscope. The company’s aggressive approach during the presidential election cycle hasn’t exactly won them any popularity contests.
But hey, at least they’ve managed to unite the crypto community on one thing – giving them the side-eye.
