At a press conference on Capitol Hill, David Sacks announced the upcoming "golden age" of cryptocurrencies, outlining the administration's plans to reshape the crypto industry.
Administration Plans
David Sacks, appointed by Trump's administration as the czar for crypto and AI policies, stated that cryptocurrencies are a top priority for the new administration. He expressed his willingness to work with the US Congress to create a "golden age" in digital assets. The primary goal is to develop a clear federal regulatory framework for the operation of digital assets, including stablecoins, in the USA.
Creation of New Working Groups
Sacks announced the formation of a new working group composed of financial regulators tasked with setting rules for digital assets and their issuers. Following the president's executive order on cryptocurrencies, Sacks has been granted the power to oversee crypto policies. The main aim is to ensure that America leads in digital finance and doesn't fall behind other countries.
Legislative Initiatives
A joint working group is also being formed by the US House of Representatives and Senate to craft new crypto laws. They aim to create a clear and stable framework that will protect investors and foster innovation. Sacks emphasized that regulations should help businesses grow rather than push them overseas. Part of the plan is already in motion with Senator Bill Hagerty introducing a bill on stablecoins, proposing divided oversight between state regulators, the Federal Reserve, and the Office of the Comptroller of the Currency.
David Sacks' address marks his first significant public statement in his new position. He made it clear that cryptocurrencies are a focal point for the Trump administration, which aims to swiftly establish rules to attract investment and grow the crypto economy in the USA.
