Leading crypto industry figures and the US Congress held a press conference to discuss the future of digital asset regulation. Among the participants were newly-appointed Crypto Czar David Sacks and Ripple CEO Brad Garlinghouse, who highlighted the significance of these developments.
David Sacks' Statement
David Sacks, the newly appointed Crypto Czar, led a press conference on Capitol Hill, discussing steps towards establishing clear regulation for digital assets like Bitcoin and XRP with congress members. He raised the idea of creating a Bitcoin Strategic Reserve, which had been discussed by President Trump during his campaign last year. Sacks emphasized the importance of 'digital assets', which piqued interest regarding the inclusion of various cryptocurrencies in the reserve.
Brad Garlinghouse's Reaction
Ripple CEO Brad Garlinghouse described recent changes in the U.S. approach to cryptocurrencies as '100% a big deal'. He was particularly pleased to see congressional committees like the Senate Banking and Agriculture Committees working together on crypto regulation. He noted this as a rare sign of unity that could lead to real progress.
Future of Crypto Regulation
There is ongoing discussion about including XRP in the national reserve, though no official confirmation has been made yet. Sacks expressed views on the role of stablecoins in strengthening the US dollar and lowering long-term interest rates. He emphasized that tying digital currencies to real-world assets could stabilize the global financial system. Additionally, Sacks criticized the current lack of clear crypto regulations from the SEC, hoping that new laws might prevent issues such as the FTX collapse in the Bahamas.
The collaboration between lawmakers and crypto industry leaders promises significant changes in US cryptocurrency regulation, potentially paving the way for a stable and clear legal framework.
