David Sacks speaks during the 2024 National Republican Convention in Milwaukee, Wisconsin. (Photo of Scott Olson / Getty Images)
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David Sacks, the first AI and the country’s Crypto’s Crypto, held its first press conference Tuesday alongside four Congress leaders: the president of the senatorial banking committee Tim Scott (R., SC), the president of the committee Financial services of the French Hill House (R., Ark.), Chairman of the Senate Agriculture Committee John Boozman (R., Ark.) And the Chairman of the Glenn Chamber “GT” Thompson (R., pa.). Officials have announced that a bicameral working group responsible for drawing up regulation of digital assets, with legislation for monitoring stablescoin and market structure exceeding the agenda.
Sacks underlined the need for clear rules, criticizing what he described as “four years of arbitrary prosecution and persecution of cryptographic companies”. Its remarks have targeted the approach focused on the application of the SEC, which, according to many cryptographic companies, has embarrassed innovation and created a regulatory uncertainty. He also responded to the concerns about “speaking” – crypto startups refused access to banking services – a controversy revived in November by venture capital Marc Andreessen, who accused Democratic legislators of having “terrorized The industry by putting pressure on banks to break relations with Crypto companies.
“This approach stimulated this important technology of the future offshore, and we want to keep this innovation on the ground,” said Sacks, a former South Afro-American technological entrepreneur and venture capital. “It was a week’s priority for the administration, and we are delighted that our counterparts in Congress also committed to ensuring American domination in digital assets.”
Sacks also mentioned that his working group on the digital asset markets, created by a decree of President Trump two weeks ago, is preparing to assess the feasibility of a “bitcoin reserve”. The order, however, uses the larger term “storage of digital assets”, leaving the possibility of including other cryptocurrencies.
The press conference highlighted two invoices that could form the backbone of American cryptography regulations. One, presented Tuesday by Senator Bill Hagerty (R., Tenn.), Seeks to create a regulatory framework for Stablecoins. These new digital assets are designed to maintain a stable value by being fixed to another asset, such as a fiduciary currency such as the US dollar or a commodity. Some $ 226 billion is invested in stablecoins currently, mainly those created by two transmitters: Tether, based in Salvador, and Circle, based in New York.
The legislation – sponsored by the Senators Kirsten Gillibrand (D., NY), Tim Scott and Cynthia Lummis (R., Wyo.) – is called the law on national innovation law and the establishment of the ‘ National innovation (Genius Act). According to a project obtained by Bloomberg, the bill obliges the stablecoins supported by the American currency, tickets of the federal reserve, the bills of the Treasury or the secure assets in the same way.
Stablecoin issuers will be faced with strict transparency requirements, including monthly audience reserve reports, with criminal sanctions for false disclosure. Non -banking issuers would be supervised by the office of the Currency Controller (OCS).
“Stablecoins really have the potential to ensure the domination of the US dollar internationally, to increase the use of the US dollar digitally as a global reserve currency and, in doing so, create billions of dollars potentially from the Request for US Treasury bills, which could lower long -term interest rate in the long term, “said Sacks.
In addition, the chairman of the Chamber’s Financial Services Committee, French Hill, underlined financial innovation and technology for 21st century law (Fit21), a separate bill aimed at clarifying how digital assets are regulated . Under the proposal, cryptocurrencies closely controlled by their developers or small groups of owners (perhaps like the Bnb BNB, for example) would be supervised by the dry, while tokens more widely decentralized like Bitcoin and possibly ether would fall under the Commodity Futures Trading Commission (CFTC).
“This bill, I think, had the basics of what we will present again at the 119th congress. There may be modest changes, but it had bipartite support. So, on the regulatory framework, it will be the approach that the house will adopt, “said Hill. On the Stablecoins, I think you will see us having a bill very similar to the approach that has been adopted in the Senate, “he added, referring to Hagerty’s proposal.
