David Sacks Advocates for Bitcoin Reserve and Stablecoin Legislation
David Sacks, the White House’s Crypto Czar, held a press conference focusing on key priorities such as stablecoin legislation and establishing a Bitcoin Reserve. He emphasized the need for clear regulations to prevent pushing crypto businesses overseas and to reduce fraud risks like those seen with FTX.
- Sacks outlined his agenda since his appointment by President Trump.
- He proposed ending anti-crypto banking restrictions.
- NFTs and certain meme coins should be classified as collectibles.
- The Digital Assets Working Group aims to create a Bitcoin Reserve, with 15 states currently adopting Bitcoin as a strategic asset.
- Sacks criticized the SEC for lack of guidance, leading to penalties for crypto companies.
- Stablecoin regulation will be a priority in the 119th Congress, integrating it into the FIT21 framework for clearer oversight.
- Chairman French Hill stated that this framework would enhance regulatory certainty for stablecoins.
- Sacks noted the economic potential of stablecoins to generate demand for US treasuries and lower interest rates.
- The press conference garnered bipartisan support from key Senate leaders.
Overall, Sacks indicated a shift towards structured and predictable crypto regulations.