- U.S. crypto and artificial intelligence (AI) Czar David Sacks has announced the formation of a congressional working group to advance cryptocurrency legislation
- In a press conference, Sacks emphasized the administration’s commitment to making the U.S. a leader in digital assets
- He also highlighted the prioritization of stablecoin regulation and market structure legislation
U.S. Crypto and AI Czar David Sacks yesterday unveiled plans to establish a joint House and Senate working group focused on cryptocurrency legislation. Sacks underscored the administration’s dedication to positioning the United States at the forefront of the digital asset landscape, with particular attention to stablecoin regulation and the broader market structure. After promising a “golden age in digital assets,” Sacks also stated that the group was looking into a strategic Bitcoin reserve.
Positive First Impression for Crypto Supporters
Sacks, a prominent venture capitalist and former PayPal executive, was named as Donald Trump’s crypto and AI czar in December, and crypto fans have been waiting eagerly to hear from him and his team about their vision for the sector. Sacks delivered yesterday on Capitol Hill, where he was flanked by key congressional leaders, including Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill.
Sacks announced the creation of a bicameral working group aimed at advancing cryptocurrency legislation, stating, “I look forward to working with each of you in creating a golden age in digital assets.” The working group plans to prioritize legislation on stablecoins and market structure, following Senator Bill Hagerty’s bill to establish U.S. oversight of stablecoin issuers. This bill would divide regulation between state agencies and federal entities such as the Federal Reserve and the Office of the Comptroller of the Currency.
Financial Assets “Destined to Become Digital”
Chairman Tim Scott emphasized the urgency of this initiative, expressing his intent to be “as aggressive as possible” to pass the bills within the first 100 days of the Trump administration. Sacks also highlighted the administration’s broader vision for digital assets, noting that financial assets are “destined to become digital, just like every analog industry has become digital.”
He stressed the importance of fostering innovation within the United States to prevent value creation from migrating to other countries. This approach, in stark contrast with the Biden administration’s effort to stamp out crypto in all but name, reflects a strategic effort to ensure American dominance in the evolving digital asset ecosystem
The formation of a working group marks a significant step in the administration’s commitment to integrating digital assets into the U.S. financial system. By collaborating closely with Congress and regulatory bodies, Sacks aims to establish a comprehensive framework that supports innovation while ensuring regulatory clarity and consumer protection.