Trump crypto czar David Sacks says priority is stablecoin legislation

MT HANNACH
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The AI ​​and the Crypto Tsar David Sacks speak with President Donald J Trump as he signs decrees in the Oval Blank Office on January 23, 2025 in Washington, DC.

Jabin Botsford | The Washington Post | Getty images

As David SacksThe newly named white house AI and the cryptographic Czar collaborates with the legislators on the potential regulations of digital assets, one of the first things on which they will focus are the stabbed.

“They are very determined to move legislation through the Chamber and the Senate this year to provide this clear regulatory framework that the digital asset ecosystem needs to maintain innovation in the United States”, ” Sacks said on the “CNBC closing bell over time” Tuesday. “The displacement of the legislation through the congress takes time, but I think that is something we could do in the next six months.”

Earlier in the day, Sacks joined the leaders of the Chamber and Senate committees for the bank and finance for a press conference to talk about their first objectives for cryptographic policy, with the help of the dry. It was part of a busy day in Washington for regulators and key players in Capitol Hill and Trump’s White House to announce the next steps in their digital currency plans.

“I can’t wait to work with each of you to create a golden age in digital assets,” said Sacks during the press event.

He was flanked by senator Tim Scott (Rs.C.), president of the senatorial banks committee, the representative French Hill (R-Ark.), President of the House Financial Services Committee, and Senator John Boozman (R-Ark. ), which directs the Senate Committee for Agriculture.

The leaders said that their first priority was to support a bill on the stabbed presented by Senator Bill Hagerty (R-Tenn.), Which proposed new rules for Stablecoins to create a “clear regulatory framework” for their use. Stablecoins are a type of cryptocurrency whose value is set to a real asset, such as the US dollar.

The Stablecoins have gained popularity but especially abroad. Legislators are now promoting the American stabbling issue, strengthening the domination of the dollar through digital finance. Supporters like Sacks say that such a decision could lead to thousands of dollars in new demand for the dollar and help reduce long -term interest rates.

David Sacks, the AI ​​of American President Donald Trump and Tsar Crypto, listens to President Trump signs a series of decrees in the Oval Blank Office on January 23, 2025 in Washington, DC.

Anna Moneymaker | Getty images

Sacks on Tuesday told CNBC on Tuesday that a first order element for its new working group was to assess “the feasibility of a bitcoin reserve,” An idea that President Donald Trump suggested during his campaign. Sacks noted that the president asked his working group on digital assets to study “if it is possible to create a bitcoin reserve or a kind of storage of digital assets”. He said that they “have not yet committed to doing so, but it is one of the first things” that they will consider.

Also on Tuesday, the SEC made a major change in its approach to the regulation of digital assets. Under the new direction, the agency announced that it would open its doors to meetings with anyone interested in discussing crypto, an effort to show a clear contrast to the former president of the dry Gary Genslerwho has become an industry antagonist.

The SEC Commissioner, Hester Peirce, now leading the agency’s new crypto working group, published a declaration entitled The trip begins. She said that the idea is to create more transparent and predictable regulations, by removing legal ambiguity and unnecessary roadblocks.

“The working group strives to create a regulatory framework which achieves both the important regulatory objectives of the Commission – including the protection of investors – and preserves the ability of the industry to offer products and services”, wrote Peirce.

The priorities include the clarification of cryptographic assets under securities laws, the manufacture of a path so that token issuers to obtain regulatory approval and guarantee that compliance measures do not suffer in innovation . The group will also examine loans to cryptography, development, products negotiated in exchange and cross -border regulations. Peirce stressed that if the SEC aims to promote industry growth, it will not tolerate fraud.

The dry said it was actively request public contributions. Companies and individuals can submit written comments or request meetings with the working group.

Tuesday’s press conference was the first major political event led by Sacks, which was appointed to in December. Although there is a lack of direct control over the regulatory agencies or the financing of the congress, the close links of the limodes with the White House and Elon Musk positioned it as a key figure in the administration.

In JuneSacks, previously a Trump critic, organized a fundraising in its Pacific Heights manor which raised $ 12 million for the republican leader’s presidential campaign.

Sacks was in Washington, DC, for the inauguration last month and attended Crypto ballSurrounded by industry leaders and decision -makers. He said during the event that “the war against crypto is over.” During the first week in power of Trump, the bags was standing alongside the president In the oval office when he signed an executive decree on digital assets.

WATCH: Bringing people from the technological industry to Washington is a positive

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