White House Crypto Czar David Sacks announces bipartisan efforts to regulate digital assets, stabilize Treasuries via stablecoins, and fast-track the GENIUS Bill. Learn how Congress aims to secure America’s crypto future.
Bipartisan Crypto Legislation Gains Momentum
In a landmark press conference yesterday, White House Crypto and AI Czar David Sacks revealed that the Senate and House Agriculture and Finance/Banking Committees will collaborate on comprehensive digital asset legislation. Chairs of all four committees flanked Sacks, signaling rare bipartisan unity to position the US as a global crypto leader.
Stablecoins: A Trillion-Dollar Opportunity for US Dominance
Sacks emphasized stablecoins’ transformative potential: Stablecoins could cement the US dollar’s global reserve status while generating trillions in Treasury demand. This would lower long-term interest rates and strengthen America’s financial sovereignty.
The remarks align with Senator Bill Hagerty’s newly introduced **GENIUS Stablecoin Bill**, which Senate Banking Chair Tim Scott vowed to advance within **100 days** alongside a broader digital assets bill.
Fixing Crypto’s Regulatory Gaps
1. Ending De-Banking and Onshoring Innovation
Sacks warned against outsourcing crypto growth: We must keep value creation on US soil – it’s safer for consumers and easier to regulate. FTX’s Bahamas-based fraud proves why oversight matters.
2. FIT 21 Bill’s Flaws and Fixes
While the House-passed FIT 21 Bill aims to classify crypto tokens as commodities, its 60-day SEC response rule risks chaos. House Finance Chair French Hill confirmed the new bill will retain FIT 21’s core but address loopholes, likely extending deadlines during rollout.
3. Education Hurdles in Congress
House Agriculture Chair GT Thompson cautioned that crypto’s complexity could delay progress: Many new lawmakers need crash courses. Education takes time, but we’re committed.
Bitcoin Reserve vs. Sovereign Wealth Fund: What’s Next?
When asked about a Bitcoin Reserve (potentially funded by seized assets), Sacks deferred to Trump’s pending executive order. On the proposed Sovereign Wealth Fund, he redirected inquiries to future Treasury Secretary Lutnick, hinting at separate strategic priorities.
The Road to 100 Days
Senator Tim Scott stressed urgency: “We’ll harmonize FIT 21’s workable parts and push for President Trump’s signature by November.” With stablecoin demand poised to buoy Treasuries and bipartisan collaboration in play, America’s crypto framework could soon set the global standard.
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