Speaking alongside key lawmakers, David Sacks reaffirmed the administration’s commitment to establishing a clear regulatory framework for digital assets in the U.S.
Focus on Stablecoin Regulation
White House crypto czar David Sacks has emphasized that stablecoin legislation is a primary focus for the administration. On Tuesday, Sacks joined Sen. Tim Scott (R-S.C.), Rep. French Hill (R-Ark.), and Sen. John Boozman (R-Ark.) to endorse a stablecoin bill introduced by Sen. Bill Hagerty (R-Tenn.). The bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, aims to provide regulatory clarity for stablecoins, a type of cryptocurrency pegged to real-world assets like the U.S. dollar.
Sack stated,
“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 innovation in the United States.”
He expressed confidence that legislation could advance within the next six months, despite the lengthy congressional process.
Evaluating a Strategic Bitcoin Reserve
In addition to stablecoin regulation, Sacks disclosed that his team is assessing the feasibility of creating a Strategic Bitcoin Reserve. This initiative, part of the administration’s internal digital assets working group, aligns with directives from President Donald Trump to explore the potential of a national digital asset stockpile.
While still in the early evaluation phase, Sacks noted that progress depends on the confirmation of key cabinet members to the U.S. Senate. However, he reassured that the initiative remains a priority.
He also mentioned that the Strategic Bitcoin Reserve could serve as a hedge against economic instability, positioning the U.S. as a leader in the global digital economy.
Maintaining U.S. Leadership in Blockchain Innovation
Sacks also underscored the administration’s goal of keeping blockchain innovation within U.S. borders to maintain the country’s leadership in financial technology. To facilitate this, he announced the formation of a bipartisan and bicameral working group focused on digital asset regulation.
This coalition aims to coordinate oversight efforts across regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). By fostering collaboration, lawmakers seek to streamline regulatory policies and promote a thriving blockchain ecosystem in the U.S.
The developments mark a significant step in shaping the future of crypto regulation, signaling a push for legislative progress in the digital asset sector.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.