David Sacks, Trump’s crypto and AI czar, stood before reporters on Capitol Hill a few minutes ago and made a statement that cryptocurrencies’ “Golden Age is coming.”
He was joined by chiefs of the congressional committees and laid out the administration’s plan to reshape the crypto industry.
“I look forward to working with each of you in creating a golden age in digital assets,” he said to the members of Congress, and made it clear that crypto is a top priority for Trump’s administration.
At the press conference, Sacks announced the creation of a new working group made up of financial regulators. Their job would be to set the rules for digital assets and their issuers.
This comes after Trump’s executive order on cryptocurrency, which gives Sacks the power to oversee crypto policies. The administration really plans to make sure America leads in digital finance instead of falling behind.
The primary goal is to develop a clear federal regulatory framework for the operation of digital assets, including stablecoins, within the U.S
The U.S. The House of Representatives and Senate are also forming a joint working group to craft new crypto laws. The members said they plan to create a clear, stable framework that will protect investors and boost innovation. Sacks stressed that regulation should help businesses grow rather than push them overseas.
Part of the plan is already in motion. Senator Bill Hagerty, a Republican from Tennessee, has introduced a Senate stablecoin bill. The bill would split oversight of stablecoins between state regulators, the Federal Reserve, and the Office of the Comptroller of the Currency. This move aims to bring stability to the digital asset market while keeping innovation in the U.S.
“We want to keep that innovation onshore,” Sacks said. “Financial assets are destined to become digital, just like every analogue industry has become digital.”
Sack kept reciting the president’s goal which is to make sure America leads the way in digital assets instead of losing ground to other countries.
This is Sacks’ first major public statement since taking his role. He made it clear that crypto is a week-one priority for the Trump administration. He said the government is moving fast to set rules to attract investment and grow the crypto economy.
Also Read: Coinbase Urges Regulators to Let Banks Offer Crypto Services
