Crypto Czar David Sacks held a press conference today with Senate leaders, where he outlined the administration’s priorities, including stablecoin legislation and a Bitcoin Reserve.
Sacks already spoke against Operation Choke Point 2.0 and specified today that unclear regulations created a chilling effect and disproportionate anti-crypto harassment. With clearer and friendlier legislation, businesses and the state will both benefit.
David Sacks’ Crypto Policy Press Conference
Since Donald Trump appointed David Sacks as the first Crypto Czar, it’s been unclear what role he will have in federal policy. He has advocated for an end to anti-crypto de-banking efforts and reclassifying NFTs and certain meme coins as collectibles, but there’s been little else so far.
Today, however, Sacks clarified his plans at a press conference with Senator Tim Scott. According to Sacks, the newly formed Digital Assets Working Group’s number one priority would be to assess plans for a Bitcoin Reserve.
Already 15 US states are in the process of adopting Bitcoin as a strategic reserve asset. Sacks has emphasized that President Trump’s top priority is to work towards a national Bitcoin reserve.
Another main priority for Sacks and the SEC would be to establish regulatory clarity. He mentioned how lack of clarity drove several crypto firms offshore. The Crypto Czar thinks this was the primary reason why FTX was able to carry out the biggest fraud in history.
“The SEC wouldn’t tell founders what the rules were, and then would prosecute them. Many founders told me personally that they were debanked just because founding a crypto company,” Sacks claimed.
In other words, he focused on regulatory clarity as a foundational issue underneath the debanking problem.
Stablecoin To Be Moved Under the FIT21 Legislation
According to Sacks and other House leaders, stablecoin regulation will be a top-priority bill in the 119th Congress. Although stablecoins are a key component of the global crypto trade, US legislation efforts have repeatedly been frustrated.
French Hill, Chairman of the House Financial Services Committee, claimed new legislation would move stablecoin into a FIT21 structure. This concept faced severe opposition under President Biden.
“In the 119th Congress, we have a bicameral project for both a stablecoins bill and a regulatory framework that will bring clarity to digital assets in the United States,” said Chairman Hill.
FIT21 is a proposed US legislative framework for regulating crypto markets. This act is designed to create clear rules for the crypto industry, particularly addressing regulatory gaps between agencies like the SEC and CFTC.
Moving them under a FIT21-like framework would provide regulatory certainty, making it easier for stablecoin issuers to operate legally and for institutions to adopt them confidently.
“Stablecoins could potentially generate trillions of dollars worth of demands for US treasuries, which could lower long-term interest rates,” Sacks added.
Sacks and Hill were not the only speakers at this press conference. Several other key Senate Committee leaders, such as Bill Hagerty and Tim Scott, were also present, demonstrating a commitment to building a broad coalition.
All in all, Davis Sacks is serious about crypto policy, and he’s ready to create the most value.
Wirex
YouHodler
eToro
eToro
eToro
eToro
Phemex
BingX
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
