The U.S. government's first official press conference on digital assets, led by newly appointed "crypto czar" David Sacks, marked a significant shift toward more favorable regulation under the Trump administration. Key initiatives such as support for Bitcoin and blockchain technology, as well as a new legislative approach, were highlighted during the event.
A Pro-Crypto Policy Under the Trump Administration
In his opening remarks, David Sacks referenced President Trump’s executive order to establish a working group for drafting a federal regulatory framework for digital assets. Sacks criticized the SEC's aggressive approach under the previous administration and assured industry leaders that the focus would now be on clarity and fairness, not hostility.
Promises of a "Golden Age" for Bitcoin and Digital Assets
The most notable message from the press conference was the claim that crypto’s "golden age" has begun. Senator Tim Scott reinforced this by saying, "The good news is that it’s going to get better." The primary aim is to keep innovation onshore and prevent the exodus of startups to more favorable jurisdictions. Despite ambitious promises, Bitcoin’s price dropped following the conference as investors had hoped for immediate, market-moving announcements.
A Unified Approach to Crypto Regulation
A significant development from the conference was the announcement of a bipartisan, bicameral working group dedicated to crypto legislation, including House Financial Services and Senate Banking Committees. Lawmakers hope to eliminate ambiguity over digital asset regulation and establish consistent compliance standards for the industry.
While the new U.S. approach to crypto regulation is welcomed by many, some in the community are disappointed by the lack of immediate changes. In the coming months, lawmakers are expected to finalize legislation that will strengthen the U.S.'s future position as a leader in financial technology.
