The council consists of 13 representatives from the crypto industry, blockchain, AI, and technology sectors. Members include Meta CEO Mark Zuckerberg, Nvidia CEO Jensen Huang, Oracle CTO Larry Ellison, and other representatives from major tech companies. The council will be jointly chaired by the White House's "czar of AI and cryptocurrencies," David Sacks, and Trump's science advisor, Michael Kratsios. There are plans to expand the council to 24 members.
Last week, senators and the White House reached a compromise on yield payouts for stablecoins in the CLARITY Act. However, Coinbase opposed it. According to media reports, its adoption would prohibit third parties, such as exchanges, from offering yields on stablecoins. Until a cryptocurrency market structure bill is passed, the transitional period of crypto regulation will be governed by SEC rules. The regulator submitted these rules to the White House this week.