At the inaugural official press meet on digital currencies, organized by the U.S. government, Crypto Chief David Sacks, along with several crypto-supportive U.S. politicians, pledged their commitment to promote bitcoin and other digital currencies during the Trump administration.
David Sacks, in his preliminary statement, emphasized that the President explicitly mentioned in his first-week executive order that his administration would back the responsible expansion and utilization of digital currencies, blockchain technology, and associated tech across all the economy’s sectors.
Sacks also highlighted that the executive order established a working group on digital currencies and a mandate for the group. “Our primary goal is to achieve the task the President allocated to us in his EO, aiming to suggest a Federal regulatory structure overseeing the issuance and operation of digital currencies, including stablecoins, in the U.S.,” stated Sacks.
The New Era For Bitcoin And Crypto Industry
Sacks also underscored the importance of the new administration’s supportive stance towards the Bitcoin and crypto sector, particularly considering the previous administration’s approach. He noted that many founders have expressed their desire for regulatory clarity from Washington, D.C. He acknowledged the past four years of seemingly random prosecution and harassment of crypto firms due to the lack of clarity in rules.
Before wrapping up his opening statement, Sacks expressed his eagerness to collaborate with the politicians hosting the conference, including Senator Tim Scott, Congressman French Hill, Senator John Boozman, and Congressman, to usher in a new era for digital currencies.
U.S. Leading Bitcoin And Crypto Innovation
Rep. Hill emphasized that the U.S. should be at the forefront of digital currency innovation, and not lagging behind. He announced the formation of a working group involving various committees to develop a clear regulatory framework. Senator Boozman highlighted the need for different regulatory bodies to oversee different digital assets.
Rep. Thompson traced the evolution of the Internet, pointing out that it has now become the “Internet of value.” He stated the U.S. was a leader in the Internet’s initial stages and that the country is now taking a principled approach towards the third stage – the Internet of value.
Regulations On Anti-Money Laundering
On the topic of Anti-Money Laundering (AML) regulations pertaining to crypto, Senator Scott expressed his openness to reconsidering them. Rep. Hill echoed the sentiment, stating that such regulations should exist, as they do in the traditional financial space.
Educational Initiatives
The need to educate members of the House and Senate about crypto assets was highlighted by Rep. Thompson and echoed by Rep. Hill. Sacks also emphasized the need for education resources, differentiating between Bitcoin and other crypto assets and networks.
The Possibility Of A Strategic Bitcoin Reserve
Towards the end, Sacks also discussed the possibility of the U.S. creating a Strategic Bitcoin Reserve, a concept that the President instructed them to evaluate.
