White House Crypto Czar David Sacks Says First Priority is Stablecoin Legislation

As David socksThe newly appointed white house ai and crypto czar, collaborates with lawmakers on potential regulations for digital assets, one of the first things they’ll be focused on is stablecoins.

“They are very committed to moving legislation through the house and the senate this year in order to provide that clear regulatory framework that the digital assets ecosystem needs to Sustain in the innovation in the innovation in the innovation,” Sacks said on CNBC’s “Closing Bell Over Time” on tuesday. “Moving Legislation through Congress takes time, but i think this is something we cold do in the next six months.”

Earlier in the day, Sacks Joined Leaders of the House and Senate Committees for Banking and Finance for a Press Conference to talk about their earrly objects for Crypto Policy, with the help of the It was part of a busy day in washington for regulators and key players on Capitol Hill and in Trump’s White House to Announce Next Steps in their digital currency plans.

“I look forward to working with each of you in a golden age in digital assets,” Sacks said at the press event.

He was flanked by Sen. Tim Scott (RS.C.), Chairman of the Senate Banking Committee, Rep. French Hill (R-Ark.), Chair of the House Financial Services Committee, and Sen. John Bozman (R-Ark.), Who Heads The Senate Agriculture Committee.

The leaders said their first priority is supporting a stablecoin bill introduced by Sen. Bill Hagerty (R-Tenn.), Who has proposed new rules for stablecoins to create a “clear regulatory framework” for their use. StableCoins are a type of cryptocurrency whose value is peged to a real-world asset, such as the us dollar.

Stablecoins have been gaining popularity but mostly overseas. Lawmakers are now promoting us-based stablecoin issue, reinforcing the dollar’s dominance through digital finance. Supporters Like Sacters Say Such a Move Cold Drive Trillions of Dollars in New Demand for the Dollar and Help Lower Long-Term Interest Rates.

Sacks on tuesday told cnbc that a top ageda item for his new task force is evaluating “the feasibility of a bitcoin Reserve, ” An Idea President Donald Trump Sugged During His CampaignSacks noted that the president asked his digital assets work group to study “Withy’s feasible to create either a bitcoin reserve or some sort of digital asset stockpile.” He Clarified that they “Haven’t Committed Yet to Doing it, but it’s one of the first things” they’ll be considering.

Also on tuesday, the sec made a major shift in its approach to digital asset regulation. Under New Leadership, The Agency Announced it would open its doors to meetings with anyone interested in discusing crypto, an effort to show a clea Gary genslerWho emerged as an antagonist to the industry.

Sec Commissioner Hester Peerce, Now Leading The Agency’s Newly Establed Crypto Task Force, Published a Statement Titled The journey beginsShe said the idea is to create more transparent and predictable regulations, Removing Legal Ambiguity and Unnecessary Roadblocks.

“The task force is working to help create a regulatory framework UCTS and Services, “Peerce Wrote.

Priorities Include Clarifying which Crypto Assets Fall Under Securities Laws, Crafting a Path for Token Issuers to Gain Regulatory Approvel and Enceping Compliance Measures Don’Tifle Innovation. The group will also also examine crypto lending, staking, exchange-traded products, and cross-border regulations. Peerce stressed that while the sec aims to fostry industry growth, it will not tolerate fraud.

The sec said it’s actively soliciting input from the publicFirms and individuals can submit written feedback or request meetings with the task force.

Tuesday’s Press Conference was the First Major Policy Event Led By Sacks, Who was named to the post in DecemberWhile He Lacks Direct Control Over regulatory agencies or congressional Funding, Sacks’ Close Ties to the White House and Elon musk Have positioned Him as a key Figure in the Administration.

In JuneSacks, previously a trump critic, hosted a funded a fundraiser at his pacific heights mansion that raised $ 12 million for the republican leader’s presideiential campign.

Sacks was in washington, dc, for the inaugation last month and attended The crypto ballSurrounded by industry leaders and policymakers. He declared at the event that, “The war on crypto is over.” DURING Trump’s First Week In Office, Sacks Stood AlongSide the President in the oval office as he signed an executive order on digital assets.

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