White House Crypto Chief Hails GENIUS Act as "Major Win" for Digital Assets

In a Fox News interview on June 21, David Sacks, the White House's top advisor on cryptocurrency and AI, celebrated the passage of the GENIUS Act as a landmark victory for the crypto industry.

Why It Matters

The legislation, seen as Washington's clearest endorsement of blockchain innovation to date, aims to:

✅ Establish regulatory clarity for digital assets

✅ Support responsible AI development alongside crypto

✅ Boost U.S. competitiveness in Web3 technologies

Industry Impact

Sacks emphasized the bill’s bipartisan backing, noting it reflects growing political recognition that:

🔹 Crypto is now too big to ignore (with 52M U.S. holders)

🔹 Clear rules help prevent innovation drain to offshore hubs

What’s Next?

The Act mandates new Treasury Department guidelines within 90 days, potentially shaping:

• Stablecoin policies

• Crypto-AI integration frameworks

• Tax treatment of digital assets

Market Reaction: Bitcoin briefly surged 2% on the news before paring gains, suggesting traders await implementation details.

The Bottom Line: While hurdles remain, this marks Washington's most concrete step toward legitimizing crypto—a stark contrast to the SEC's enforcement-heavy approach.