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In the first ever official press conference for digital assets hosted by the U.S. government, Crypto Czar David Sacks and pro-crypto U.S. politicians committed to prioritizing bitcoin and digital assets during the Trump administration.<\/p>\n
In his opening remarks, Sacks shared that \u201cthe President said in his executive order in the first week that it\u2019s the policy of his administration to support the responsible growth and use of digital assets, blockchain technology and related technologies across all sectors of the economy.\u201d<\/p>\n
He also reminded the audience that in that executive order, the President established both a working group for digital assets as well as a mandate for the group.<\/p>\n
\u201cOur objective is to accomplish the task the President assigned for us in his EO, which is to propose a Federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States,\u201d said Sacks.<\/p>\n
Sacks also contextualized the significance of this new administration\u2019s not being antagonistic to the Bitcoin and crypto industry, especially in light of what transpired under the Biden administration.<\/p>\n
\u201cI\u2019ve talked to many founders over the last few years and they\u2019ve told me repeatedly that the number one thing they need from Washington is regulatory clarity,\u201d he said. <\/p>\n
\u201cThey just want to know what the rules of the road are so they can abide by them. We\u2019re coming off frankly four years of arbitrary prosecution and persecution of crypto companies where the SEC wouldn\u2019t tell founders what the rules were and then they would prosecute them. Many founders even told me stories of being debanked personally just because they had founded a crypto company,\u201d he added.<\/p>\n
Before concluding his opening remarks, Sacks noted that he looks forward to working with the politicians hosting the conference alongside him \u2014 Senator Tim Scott (R-SC), Congressman French Hill (R-AR), Senator John Boozman (R-AR) and Congressman (R-PA) \u2014 in \u201ccreating a golden age for digital assets.\u201d<\/p>\n
Senator Scott began by stating that this \u201cgolden age has begun\u201d and that \u201cthe good news is that it\u2019s going to get better.\u201d<\/p>\n
He also noted that he plans to \u201cwork synergistically with the House and the Senate, with the White House leading the way\u201d when it comes to passing bills on digital assets.<\/p>\n
Rep. Hill stressed that the United States should be leading the way, not falling behind when it comes to the digital asset industry.<\/p>\n
\u201cWe don\u2019t want to be behind in financial technology and digital assets in the United States, [and] our innovators need clarity,\u201d said Rep. Hill. \u201cThey need to know what the rules of the road are.\u201d<\/p>\n
He also stated that he\u2019s forming a working group between the House Financial Services Committee, the Senate Banking Committee, the House Agriculture Committee and the Senate Agriculture Committee to craft a clear regulatory framework.<\/p>\n
Senator Boozman highlighted the fact that not all crypto assets are the same (without necessarily singling bitcoin out).<\/p>\n
\u201cSome assets are commodities, some are securities,\u201d said Senator Boozman, who noted that different regulatory agencies should oversee different crypto assets accordingly.<\/p>\n
Rep. Thompson walked the audience through the stages of the Internet, pointing out the fact that the internet today has become the \u201cInternet of value.\u201d<\/p>\n
\u201cAmerica really was the leader when it came to Internet 1.0, and [with] Internet 2.0, again, it was America that led that for the world,\u201d said Rep. Thompson. \u201cInternet 3.0 is what we\u2019re talking about today, and that\u2019s the Internet of value \u2014 and we\u2019re approaching it in a principled way.\u201d<\/p>\n
This \u201cprincipled way\u201d includes protecting consumers while still offering innovators in the Bitcoin and crypto industry space to foster innovation, according to Rep. Thompson.<\/p>\n
\u201cThe opportunities [in crypto] are unimaginable,\u201d said Rep. Thompson. \u201cI know that [David Sacks] is laser focused on bringing certainty to digital asset markets.\u201d<\/p>\n
During a question and answer session, Senator Scott noted that bipartisan efforts are being made around crypto in the Senate.<\/p>\n
\u201cCynthia Lummis (R-WY) and Kirsten Gillibrand are coming together for the market structure bill<\/a>,\u201d he said.<\/p>\n When asked about reconsidering Anti-Money Laundering (AML) laws as they pertain to crypto, Senator Scott said he\u2019s open to it.<\/p>\n \u201cI think that the broader conversation should not be about digital assets alone,\u201d said Senator Scott. \u201cIt\u2019s about bad actors doing bad things by any means necessary.\u201d<\/p>\n Rep. Hill chimed in regarding AML regulations, stating that they should exist, much like they do in the analog financial space.<\/p>\n Rep. Thompson brought up the importance of educating those in the House and Senate about crypto assets, given that it\u2019s still a relatively new subject.<\/p>\n \u201cMember education is what our first goal is here,\u201d he said.<\/p>\n Rep. Hill echoed his sentiment.<\/p>\n \u201cA key element now is the education and technical assistance that can be provided to members both in the House and Senate,\u201d he said.<\/p>\n Sacks also offered his thoughts on this topic.<\/p>\n \u201cPart of what we\u2019re here to do is provide resources on education,\u201d he said, adding that some of the educators can be \u201cluminaries in the industry.\u201d<\/p>\n As Sacks spoke on this topic, he also differentiated between Bitcoin and all other crypto assets and networks.<\/p>\n \u201cCrypto can be an esoteric subject, and it is good to explain it, to demystify it,\u201d said Sacks. \u201cYou\u2019ve got the cryptocurrency itself like bitcoin, [and then other assets that] run on blockchains, which are just distributed ledgers.\u201d<\/p>\n Before the conference concluded, Sacks also addressed the prospect of the U.S. creating a Strategic Bitcoin Reserve<\/a>.<\/p>\n \u201cOne of the things that the President instructed us to do was to evaluate the idea for a Bitcoin reserve,\u201d said Sacks. \u201cSo, that is one of the first things we\u2019re going to look at as part of the internal working group in the administration.\u201d<\/p>\nComments On Anti-Money Laundering Regulation<\/h2>\n
Educational Efforts<\/h2>\n
The Strategic Bitcoin Reserve<\/h2>\n