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Coinpaprika 2025-02-05 08:53:20

David Sacks Pushes Bitcoin Reserve, Stablecoin Bill in Crypto Plan

David Sacks , the White House’s Crypto Czar , held a press conference alongside Senate leaders to discuss key priorities, including stablecoin legislation and a Bitcoin Reserve . He stressed the need for clear regulations, arguing that past uncertainty forced crypto businesses overseas and contributed to major fraud cases like FTX . Since his appointment by President Trump, Sacks’ role in shaping federal crypto policy had remained unclear. Today, he outlined his agenda, emphasizing an end to anti-crypto banking restrictions and a new classification for NFTs and certain meme coins as collectibles. At the press conference with Senator Tim Scott , Sacks revealed that the newly formed Digital Assets Working Group would focus on creating a Bitcoin Reserve . He confirmed that 15 states are already working on adopting Bitcoin as a strategic reserve asset, aligning with the administration’s broader financial goals. Another major priority for Sacks is regulatory clarity. He criticized past SEC actions, claiming that crypto companies were often left without clear guidance, only to be penalized later. He argued that this lack of clarity led to one of the biggest financial frauds in history. “The SEC wouldn’t tell founders what the rules were, and then would prosecute them. Many told me personally that they were debanked just for starting a crypto company,” he said. On stablecoin regulation, Sacks and other House leaders confirmed that it would be a top priority for the 119th Congress . Despite their importance in the global crypto market, stablecoins have faced repeated legislative roadblocks. French Hill , Chairman of the House Financial Services Committee, announced that the new legislation would integrate stablecoins into the FIT21 structure, which previously faced resistance under the Biden administration. “In the 119th Congress, we have a bicameral project for both a stablecoins bill and a regulatory framework that will bring clarity to digital assets in the United States,” Chairman Hill stated. The FIT21 framework is designed to provide clearer rules, especially regarding oversight by agencies like the SEC and CFTC . Moving stablecoins into this framework would offer regulatory certainty, making it easier for issuers and financial institutions to operate with confidence. Sacks also highlighted the economic potential of stablecoins, stating, “Stablecoins could potentially generate trillions of dollars worth of demand for US treasuries, which could lower long-term interest rates.” The press conference included key Senate Committee leaders , such as Bill Hagerty and Tim Scott , reinforcing bipartisan support for a clear and business-friendly approach to crypto regulation. Overall, David Sacks has made it clear that crypto policy will be a priority, signaling a shift towards more structured and predictable regulations.

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