Crypto Czar Sacks Prioritizes Bitcoin Reserve Review, Regulatory Framework

David Sacks, the newly appointed AI and Crypto Czar under President Trump, held a press conference with congressional leaders to announce the formation of a bipartisan working group focused on digital asset regulation. The group aims to create a clear framework for the digital asset industry, with stablecoin legislation and the establishment of a Bitcoin reserve as top priorities. Sacks criticized the previous administration's enforcement-driven approach that he argues stifled innovation and led to the offshoring of crypto businesses. He emphasized the need for a structured regulatory environment to differentiate compliant enterprises from fraudulent ones. The press conference also highlighted a new bill introduced by Senator Bill Hagerty aimed at defining and regulating stablecoins in the U.S. This initiative represents an effort to ensure that crypto innovation remains in the U.S., promoting both economic growth and consumer protection.