David Sacks, the White House Special Advisor for AI and Crypto, described the next US Crypto policy. UU.
Crypto crypto crypto David Sacks and several others presented the Trump administration plans for digital assets at a press conference on February 4.
Sacks announced details of a bicameral working group on digital assets that was established by an executive order at the end of January.
He said that the policies that originated the group are aimed at strengthening the cryptomocation industry of the United States and giving cryptographic companies space to work.
Sacks said that the founders of the company want mainly regulatory clarity, indicating:
“We are frankly leaving four years of arbitrary prosecution and persecution of cryptographic companies where the SEC would not tell the founders what the rules were, but then … they would process them.”
Sacks said past policies promoted innovation around cryptographic technology on the high seas. Because the financial assets of the United States are “destined to become digital” like many other areas, value creation should occur within the country, he said.
Cryptographic land activity will also improve consumer protections, Sacks said. The activities within the US are easier to supervise, he said, adding that “it was not a coincidence” that FTX committed fraud while based on the Bahamas.
In a period of questions, Sacks added that the working group would examine the possibility of a Bitcoin reserve as one of its first actions. He pointed out that the recently announced Trump’s wealth background is a separate matter.
Sacks acknowledged that the SEC has established a separate Crypto task force, headed by Commissioner Hester Peirce. Similarly, the SEC wants a more open regulation.
Sacks said his working group has the task of advancing in Stablecoin’s policy and explained that the group will collaborate with the Chamber and the Senate.
To that end, the press conference addressed a newly presented Stablecoin invoice Entitled Guide and establishment of national innovation for the US stablecoins. (Genius).
Genius establishes rules for Stablecoin issuers, including reserve requirements and supervision, examination and compliance rules. The bill also establishes rules based on size: although it requires that companies issue .
Genius was presented at Congress by the president of the Senate Banking Committee, Tim Scott, and a group of bipartisan senators on Tuesday. During the press conference, Scott described politics efforts as a “synergistic approach” between the camera, the Senate and the White House. In addition, he said that efforts will democratize access for the working class and make it “easier and less expensive” do business in the United States.
The representative French Hill also present, said that Congress plans to introduce a new bill of cryptographic market structure based on financial innovation and technology for the law of the 21st century (FIT21). Fit21 passed the house with bipartisan support in May 2024.
Discharge of responsibility: The information contained in this document is provided without considering its personal circumstances, therefore, it should not be interpreted as financial advice, investment recommendation or an offer or application for any transaction in cryptocurrencies.
