David Sacks, appointed as the U.S. crypto czar by President Donald Trump, expressed optimism about the future of digital assets during a joint press conference in Washington on Tuesday. Sacks announced that the U.S. House of Representatives and Senate are working together to advance crypto legislation. His goal, he said, is to “ensure American dominance in digital assets.”
Sacks Lays Out Pro-Crypto Agenda
In his speech, Sacks outlined a broad agenda in favor of cryptocurrency. “I look forward to working with each of you in creating a golden age in digital assets,” he stated, emphasizing that crypto was a “week-one priority for the administration.”
Senate Stablecoin Bill and Market Structure Legislation
Earlier on Tuesday, details emerged about a Senate bill focused on stablecoins. Sponsored by Senator Bill Hagerty, a Republican from Tennessee, the bill seeks to establish U.S. oversight for stablecoin issuers, dividing regulatory responsibility between state agencies and federal regulators like the Federal Reserve and the Office of the Comptroller of the Currency.
Senator Tim Scott, the Republican chair of the Senate Banking Committee, mentioned that the panel would prioritize stablecoin legislation. Other lawmakers, including House Financial Services Committee Chair French Hill, House Agriculture Committee Chair Glenn “GT” Thompson, and Senate Agriculture Committee Chair John Boozman, discussed upcoming market structure legislation. This will include a potential move on the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed the House last year.
Hill noted that a bill similar to FIT21 would be pushed alongside the stablecoin legislation in the House.
Sacks’ Vision for U.S. Leadership in Crypto
Sacks reiterated that the goal is to keep digital asset innovation within the U.S. “We want to keep that innovation onshore in the U.S. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries,” he said during the press conference, which marked his first appearance since assuming the role of crypto and AI czar.
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