David Sacks, the White House’s Crypto Czar, held a press conference with Senate leaders to discuss important topics like stablecoin legislation and a Bitcoin Reserve. He emphasized the need for clear regulations. Sacks argued that past uncertainties pushed crypto businesses abroad and led to significant fraud cases, such as FTX.
Since his appointment by President Trump, Sacks’ role in federal crypto policy was unclear. However, he outlined his agenda, which includes ending anti-crypto banking restrictions and classifying NFTs and certain meme coins as collectibles.
During the press conference with Senator Tim Scott, Sacks announced the creation of a Digital Assets Working Group. This group will work on establishing a Bitcoin Reserve. He noted that 15 states are already looking to adopt Bitcoin as a strategic reserve asset, which aligns with the administration’s financial goals.
Regulatory clarity is another major focus for Sacks. He criticized past actions by the SEC, stating that crypto companies often lacked clear guidance and faced penalties later. He claimed this confusion contributed to significant financial fraud. Sacks mentioned that many founders were debanked simply for starting crypto companies.
On the topic of stablecoin regulation, Sacks and other House leaders confirmed it as a top priority for the 119th Congress. Stablecoins are crucial in the global crypto market but have faced legislative challenges. French Hill, Chairman of the House Financial Services Committee, announced that new legislation would incorporate stablecoins into the FIT21 structure, which had previously faced resistance under the Biden administration.
Hill stated that the 119th Congress aims to create a stablecoin bill and a regulatory framework for digital assets in the U.S. The FIT21 framework will provide clearer rules, especially regarding oversight by agencies like the SEC and CFTC. This would give issuers and financial institutions more confidence.
Sacks also pointed out the economic potential of stablecoins, suggesting they could generate significant demand for U.S. treasuries, potentially lowering long-term interest rates. The press conference showcased bipartisan support for a clear and business-friendly approach to crypto regulation. Overall, Sacks signaled a shift towards more structured and predictable crypto policies.
