The Tsar of the Cryptocurrencies of the United States, David Sacks, provided his first press conference on Tuesday, in which he highlighted the priorities of the Donald Trump government around Bitcoin (BTC) and cryptocurrencies.
During the press conference, Sacks said that, among the first things to be evaluated by the digital asset working group, whose creation was ordered by Trump a few days after starting his mandate; is to evaluate the idea of implementing a strategic Bitcoin reserve.
“One of the things that the president ordered us to make was to evaluate the idea of a Bitcoin reserve. And that is one of the first things that we are going to analyze as part of the Administration’s internal work group, ”said Sacks.
However, this evaluation will begin once everything «is ready», taking into account that Trump’s cabinet secretaries that are within the working group and that they must be confirmed by the American Senate.
Sacks also ruled out that the American sovereign fund will include Bitcoin. This sovereign fund of wealth, announced by Trump after signing a presidential order, «is a slightly separated issue,» according to Sacks. This fund will be in charge of Howard Lutnick, who has shown a significant closeness with Bitcoinas cryptonotic reports.
Regulation for stablcoins
Among other topics mentioned by Sacks during his speech before the press, he, as part of the administration’s working group, will concentrate efforts for a bill for stable currencies. Sacks pointed out that Stablecoins have attributes To help highlight the importance of the US dollar In the world economy.
“Stablecoins really have the potential to ensure the dominance of the US dollar international that could reduce long -term interest rates, ”said Sacks.
This bill was presented by Senator Bill Hagerty and Sacks expressed all the support for that proposal. Thus assures that the Trump administration seeks to establish a federal regulatory framework with the objective to offer legal clarity to issuing companies and usersavoiding the arbitrary persecution of companies in the sector, as happened in previous administrations.
According to Sacks, it is sought to prevent innovation in the cryptocurrency sector from moving to other countries, such as Bahamas, where Exchange FTX debacle occurred, which he described as the greatest fraud in the history of cryptocurrencies.
He also suggested that the goal is that the US leads the web3, ensuring that The creation of digital wealth occurs in US territory. «Like all analog industries, they have become digital and we want this value creation to occur in the United States instead of giving it to other countries,» he said.
With all this, Sacks said, we seek to «comply with the task that the president assigned to us in his executive order, which is to propose a federal regulatory framework to govern the issuance and operation of digital assets, including the stablecoins in the United States.»
Talking with founders of cryptocurrency companies
Sacks said he has spoken with many founders of cryptocurrency companies in recent years. “And they have repeatedly told me that the most important thing they need from Washington is regulatory clarity. They just want to know what the rules of the game are to be able to comply with them, ”he said.
“Frankly, we come from four years of arbitrariness, persecution and prosecution of cryptocurrency companies in which the Bag and Securities Commission (SEC) did not tell the founders of these companies what the rules were, but then processed them. And many founders have even told me stories of having been personally overwhelmed, just having founded a cryptocurrency company, ”Sacks recriminated.
David Sacks was appointed tsar of cryptocurrencies and artificial intelligence by President Trump on December 6, 2024. His position implies the formulation of government policies in these areas, considered crucial for the economic and technological future of the United States.