Cryptopolitan
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White House Crypto Czar David Sacks Holds “disappointing” First Press Conference
David Sacks, the newly appointed White House Crypto Czar, walked into his highly anticipated press conference on Capitol Hill today and left many in the crypto community frustrated.
His mission was to explain how President Trump’s administration plans to push the US into crypto dominance after years of chaos under Gary Gensler’s anti-crypto regime.
Instead of providing the hard-hitting regulatory clearances everyone expected, Sacks played it safe with broad strokes, vague assurances, and a lot of talk about “the golden age of digital assets.”
Sacks opened with gratitude, thanking leaders from both the House and Senate, including Chairmen Tim Scott, French Hill, John Boozman, and GT Thompson, who were all standing right beside him as you can see in the video below.
“The president set this as a week-one priority,” Sacks said. “We’re committed to ensuring American dominance in digital assets.”
Trump’s crypto vision triggers regulatory shake-up
Trump’s executive order laid the groundwork for the Crypto Czar’s mission, which is to craft a federal regulatory framework governing digital assets, particularly stablecoins. Sacks pointed to the working group established under the executive order, which includes big names like Treasury Secretary Scott Bessent, Commerce Secretary Lutnick, and incoming Attorney General Pam Bondi.
The Securities and Exchange Commission (SEC), now led by crypto-friendly commissioner Mark Uyeda until Paul Atkins gets Senate-confirmed, has also created a dedicated crypto task force, which is led by ‘Crypto Mom’ Hester Peirce, as Cryptopolitan reported earlier.
Sacks took a moment to vent about the damage done by the SEC’s previous approach. “I’ve talked to many founders who told me their biggest problem is regulatory uncertainty,” he said. “They were prosecuted without being told what they did wrong. Some were even debanked personally just for founding a crypto company.”
Sacks blamed this hostility for pushing innovation offshore, something he and the administration are desperate to reverse. The Crypto Czar also made it clear that he wholeheartedly believes all financial assets are going digital, whether regulators are ready or not.
“Just like every analog industry became digital, financial assets will follow,” he said. “We don’t want that innovation happening in other countries.” To drive the point home, Sacks referenced FTX’s collapse, which he said was proof of the dangers of offshore operations. “The biggest fraud in crypto history happened in the Bahamas,” he reminded the room. “Keeping innovation onshore means better consumer protection.”
Stablecoins come first as Congress warms up to crypto
Sacks repeatedly pointed out the importance of stablecoins in the administration’s strategy. He mentioned the bill introduced by Senator Bill Hagerty, which plans to create a regulatory framework for stablecoins that would maintain the US dollar’s dominance as the global reserve currency, as Cryptopolitan reported yesterday.
“Stablecoins could create trillions in demand for US Treasuries and potentially lower long-term interest rates,” Sacks explained. French Hill, who is the Chair of the House Financial Services Committee, confirmed that stablecoins would be prioritized over other crypto issues.
“We’re moving fast on this,” Hill said. “Bipartisan support between the House and Senate is already in place, and we’ve learned from past efforts.” He referenced last year’s bipartisan success when 71 Democrats joined House Republicans to pass stablecoin legislation in the House, though it stalled in the Senate.
Hill also praised Hester’s involvement. “Hester brings a clear-headed approach to crypto regulation,” he said. John Boozman, who is the Chairman of the Senate Agriculture Committee, explained why his committee, typically focused on farming, has a role in crypto regulation.
“The CFTC oversees commodities, and some digital assets fall under that category,” he said. Boozman promised that collaboration between the SEC and CFTC would prevent jurisdictional battles from delaying progress. “We’ve worked separately before, but now we’re coming together with purpose.”
AML laws under scrutiny; Bitcoin reserve under consideration
Fred Peterson from Punchbowl News asked Sacks whether crypto-specific AML measures were on the table. Sacks responded cautiously. “We’re open to discussions,” he said, “but this isn’t just about digital assets. Bad actors exist in all financial systems.”
One of the more intriguing moments came when Yahoo Finance’s Jennifer Schwanberger asked about Trump’s campaign trail promise to explore a Bitcoin reserve. Sacks confirmed that: “The president instructed us to look into it. We’re still waiting for some key officials to be confirmed, but this is one of the first things we’re reviewing.”
He clarified that while a Bitcoin reserve is being explored, a crypto sovereign wealth fund would require separate discussions.
GT Thompson, who is Chair of the House Agriculture Committee, said Congress is in sync with the White House’s goals, so any and all expectations of pto-crypto legislations are allowed.
Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
His mission was to explain how President Trump’s administration plans to push the US into crypto dominance after years of chaos under Gary Gensler’s anti-crypto regime.
Instead of providing the hard-hitting regulatory clearances everyone expected, Sacks played it safe with broad strokes, vague assurances, and a lot of talk about “the golden age of digital assets.”
Sacks opened with gratitude, thanking leaders from both the House and Senate, including Chairmen Tim Scott, French Hill, John Boozman, and GT Thompson, who were all standing right beside him as you can see in the video below.
“The president set this as a week-one priority,” Sacks said. “We’re committed to ensuring American dominance in digital assets.”
Trump’s crypto vision triggers regulatory shake-up
Trump’s executive order laid the groundwork for the Crypto Czar’s mission, which is to craft a federal regulatory framework governing digital assets, particularly stablecoins. Sacks pointed to the working group established under the executive order, which includes big names like Treasury Secretary Scott Bessent, Commerce Secretary Lutnick, and incoming Attorney General Pam Bondi.
The Securities and Exchange Commission (SEC), now led by crypto-friendly commissioner Mark Uyeda until Paul Atkins gets Senate-confirmed, has also created a dedicated crypto task force, which is led by ‘Crypto Mom’ Hester Peirce, as Cryptopolitan reported earlier.
Sacks took a moment to vent about the damage done by the SEC’s previous approach. “I’ve talked to many founders who told me their biggest problem is regulatory uncertainty,” he said. “They were prosecuted without being told what they did wrong. Some were even debanked personally just for founding a crypto company.”
Sacks blamed this hostility for pushing innovation offshore, something he and the administration are desperate to reverse. The Crypto Czar also made it clear that he wholeheartedly believes all financial assets are going digital, whether regulators are ready or not.
“Just like every analog industry became digital, financial assets will follow,” he said. “We don’t want that innovation happening in other countries.” To drive the point home, Sacks referenced FTX’s collapse, which he said was proof of the dangers of offshore operations. “The biggest fraud in crypto history happened in the Bahamas,” he reminded the room. “Keeping innovation onshore means better consumer protection.”
Stablecoins come first as Congress warms up to crypto
Sacks repeatedly pointed out the importance of stablecoins in the administration’s strategy. He mentioned the bill introduced by Senator Bill Hagerty, which plans to create a regulatory framework for stablecoins that would maintain the US dollar’s dominance as the global reserve currency, as Cryptopolitan reported yesterday.
“Stablecoins could create trillions in demand for US Treasuries and potentially lower long-term interest rates,” Sacks explained. French Hill, who is the Chair of the House Financial Services Committee, confirmed that stablecoins would be prioritized over other crypto issues.
“We’re moving fast on this,” Hill said. “Bipartisan support between the House and Senate is already in place, and we’ve learned from past efforts.” He referenced last year’s bipartisan success when 71 Democrats joined House Republicans to pass stablecoin legislation in the House, though it stalled in the Senate.
Hill also praised Hester’s involvement. “Hester brings a clear-headed approach to crypto regulation,” he said. John Boozman, who is the Chairman of the Senate Agriculture Committee, explained why his committee, typically focused on farming, has a role in crypto regulation.
“The CFTC oversees commodities, and some digital assets fall under that category,” he said. Boozman promised that collaboration between the SEC and CFTC would prevent jurisdictional battles from delaying progress. “We’ve worked separately before, but now we’re coming together with purpose.”
AML laws under scrutiny; Bitcoin reserve under consideration
Fred Peterson from Punchbowl News asked Sacks whether crypto-specific AML measures were on the table. Sacks responded cautiously. “We’re open to discussions,” he said, “but this isn’t just about digital assets. Bad actors exist in all financial systems.”
One of the more intriguing moments came when Yahoo Finance’s Jennifer Schwanberger asked about Trump’s campaign trail promise to explore a Bitcoin reserve. Sacks confirmed that: “The president instructed us to look into it. We’re still waiting for some key officials to be confirmed, but this is one of the first things we’re reviewing.”
He clarified that while a Bitcoin reserve is being explored, a crypto sovereign wealth fund would require separate discussions.
GT Thompson, who is Chair of the House Agriculture Committee, said Congress is in sync with the White House’s goals, so any and all expectations of pto-crypto legislations are allowed.
Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
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