Compilation | Wu Blockchain
Original link:
https://x.com/DavidSacks/status/1882585246912462956
Fox Bussiness invited the "Crypto Czar" of the United States, David Sacks, to discuss the latest executive order signed by Trump. The executive order signed by President Trump aims to promote innovation in the U.S. Bit industry and artificial intelligence, while establishing a clear regulatory framework. The main contents include:
1. Crypto industry regulatory reform: The Trump administration has promised to improve the regulatory environment for the Bit industry and strive to make the U.S. a global Bit center. The executive order has established a working group responsible for formulating clear market structure and digital asset classification (such as securities, commodities, collectibles, etc.).
2. Stablecoins and the digital U.S. dollar: Focus on the innovation of stablecoins, promote the international leading position of the U.S. dollar in the digital field, and avoid the development of central bank digital currencies (CBDCs) to prevent potential threats to personal freedom.
3. Global competition and artificial intelligence: The Trump administration plans to strengthen the development of the artificial intelligence field, proposing that the U.S. should become the global center of artificial intelligence, and replace the cumbersome regulations of the Biden administration.
4. Views on the "Trump Token": The "Trump Token" is seen as a digital collectible, not a cryptocurrency, and does not constitute a conflict of interest.
In summary, Trump's executive order aims to promote innovation in the Bit and artificial intelligence industries through clear regulatory policies, ensure that the U.S. remains competitive in these frontier fields, and protect personal freedom.
Attachment: In modern American politics, "czar" usually refers to a person appointed by the government to provide advice and coordinate policies in a specific field, similar to a "director", "commissioner" or "advisor".
Full text of Trump's first Bit executive order
The full text is as follows:
Edward: First of all, thank you for joining us, David. President Trump had previously stated that he would prevent federal agencies from taking action against the Bit industry. Today, it seems he has fulfilled this promise, right?
David Sacks: Yes, that's right. President Trump had stated during his campaign that he would become the "first Bit president". In his speech in Nashville, he mentioned that he plans to change the regulatory environment for the Bit industry and make the U.S. the global center of the Bit industry. Today, he has signed an executive order instructing a working group to develop a new regulatory framework to keep Bit innovation in the U.S., rather than pushing the industry overseas as in the Biden administration.
Edward: We'll discuss this framework later. First, the executive order mentions suspending what Trump considers "excessive enforcement actions and overreach". What specifically is he referring to?
David Sacks: Over the past four years, the Biden administration has essentially sued and cracked down on Bit companies, causing many companies to move overseas. I've heard from many founders who complained that the Biden administration never clearly told them what the rules were, but still sued them. What the industry needs most is regulatory clarity, and founders just want to know what the rules are so they can comply. But the Biden administration never provided such clear guidance, causing all the innovation to flow overseas, almost causing the U.S. to lose this future technology. Now, President Trump has declared that the U.S. must become the global center of Bit, and these innovations should happen in the U.S.
Edward: A working group led by you has now been established. What are the main areas you are focusing on? What kind of guidance do you expect to issue?
David Sacks: We are focusing on a few key areas. First is market structure. We need to clearly define what is a security, what is a commodity, and what is a digital asset or collectible. These all need clear definitions.
Secondly, stablecoins. I think stablecoins are a very interesting area that can help further expand the global dominance of the U.S. dollar. We have an opportunity to create a digital U.S. dollar that can be used globally. The third area is whether we need to establish a national-level digital asset reserve. We are still in the evaluation stage on this issue and have not made a final decision yet.
Edward: Regarding the digital asset reserve, you haven't decided whether to move forward with it yet, right?
David Sacks: Yes, we are currently only evaluating this issue and have not decided whether to move forward with it.
Edward: So do you think Bit assets are assets or currencies?
David Sacks: When it comes to digital assets, they may take on different forms. Some digital assets are securities, some are commodities, and some are collectibles like Non-Fungible Tokens or meme Tokens. So digital assets are a very broad area of innovation. That's why we need a clear regulatory framework to define each type. What founders need most are these clear rules, they need to know what they can do without facing unfounded accusations due to unclear regulations.
Edward: How far behind do you think the U.S. is in the Bit field compared to other countries? How quickly can this executive order help the U.S. catch up?
David Sacks: We will catch up very quickly. Although innovation has started to flow to places like Singapore and some European countries, I think the U.S. will quickly reverse this trend. Look at Silicon Valley and the entire tech industry, the U.S. is at the forefront in almost every field, Bit is the only exception. Now, President Trump's executive order will undoubtedly change this situation.
Edward: Regarding the "Trump Token", it started before he took office. Are you concerned this could create a conflict of interest?
David Sacks: I don't think there is any conflict. The "Trump Token" is actually a collectible, just like baseball cards or stamps. People buy it to commemorate certain events. So in my personal view, I don't think there is any problem with this, but I'm not the regulator.
Edward: This executive order also prohibits the government from developing central bank digital currencies (CBDCs). Why make this decision?
David Sacks: Central bank digital currencies pose a huge threat to freedom and privacy. CBDCs mean a digital currency controlled by the Federal Reserve, which could gradually replace cash and record every transaction. This not only makes every transaction transparent, but could also lead to new laws and control measures that restrict people's consumption freedom. Everyone is very concerned that this could become an "1984-style" regulatory model, and no one wants to go down that path. We believe we can create something similar to a digital U.S. dollar through stablecoins, without having to go the CBDC route.
Edward: But the government's digital currency may also compete with Bitcoin, is this also one of the reasons for this decision?
David Sacks: Any government can create a stablecoin, but the U.S. dollar is already the global reserve currency, so I'm not concerned about that competition. I think we should further expand the dominance of the U.S. dollar in the digital realm, pushing it into the global online market. This not only can bring huge demand for U.S. government debt, but also support our fiscal policy and lower long-term interest rates.
Edward: David, one last question. You are also the head of the artificial intelligence field. The recently signed executive order positions the U.S. as the global center of artificial intelligence. What does this mean for the future?
David Sacks: As President Trump said today, we hope the U.S. can become the global leader in both artificial intelligence and Bit. These two are frontier technologies that are crucial to the future. The Biden administration previously issued an executive order of over a hundred pages, which was too cumbersome, and the industry also strongly objected. President Trump has promised to revoke that executive order and replace it with more efficient policies, and he has already fulfilled this promise today.
Edward: Okay, it seems there will be a lot of changes ahead. David Sacks, thank you for sharing.
