Compilation | Wu Blockchain
Fox Business invited the "Crypto Czar" of the United States, David Sacks, to discuss the latest executive order signed by Trump. President Trump's executive order aims to promote innovation in the US crypto 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 crypto industry and strive to make the US a global crypto hub. The executive order has established a working group responsible for developing clear market structures and digital asset classifications (such as securities, commodities, collectibles, etc.).
2. Stablecoins and the digital US dollar: The focus is on the innovation of stablecoins, promoting the international dominance of the US dollar in the digital realm, while avoiding 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 artificial intelligence, proposing that the US should become the global center of artificial intelligence, replacing the cumbersome regulations of the Biden administration.
4. Views on the "Trump Coin": The Trump Coin 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 crypto and artificial intelligence industries through clear regulatory policies, ensuring that the US maintains competitiveness in these frontier fields and protects 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".
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 crypto industry. Today, it seems he has fulfilled this promise, right?
David Sacks: Yes, that's correct. President Trump had stated during his campaign that he would be the "first crypto president". In his speech in Nashville, he mentioned plans to change the regulatory environment for the crypto industry and make the US the global center of the crypto industry. Today, he has signed an executive order directing a working group to develop a new regulatory framework to keep crypto innovation in the US, rather than pushing the industry overseas as happened under the Biden administration.
Edward: We'll discuss this framework in a moment. First, the executive order mentions suspending what the president considers "excessive enforcement actions and overreach". What specifically is he referring to?
David Sacks: Over the past four years, the Biden administration has essentially been suing and cracking down on crypto 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, yet they were still prosecuted. 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, nearly causing the US to lose this future technology. Now, President Trump has declared that the US must become the global center of crypto, and these innovations should happen in the US.
Edward: Now a working group led by you has 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 constitutes securities, commodities, digital assets, or collectibles. These all need clear definitions.
Secondly, stablecoins. I think stablecoins are a very interesting area that can help further extend the global dominance of the US dollar. We have an opportunity to create a digital US dollar that can be used globally. The third area is whether we need to establish a national digital asset reserve. We are still in the evaluation stage on this question 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?
David Sacks: Yes, we are currently only evaluating this issue and have not decided whether to move forward with it.
Edward: So what do you think - are crypto assets 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 others are collectibles like NFTs or meme coins. 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, to know what they can and cannot do, without facing unfounded accusations due to unclear regulations.
Edward: How far behind do you think the US is in the crypto space compared to other countries? How quickly can this executive order help the US catch up?
David Sacks: We'll catch up very quickly. Although innovation has started to flow to places like Singapore and some European countries, I think the US will rapidly reverse this trend. Look at Silicon Valley and the tech industry as a whole - the US is at the forefront in almost every field, with crypto being the lone exception. Now, President Trump's executive order will undoubtedly change this.
Edward: Regarding the "Trump Coin", 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 Coin" is actually a collectible, like baseball cards or stamps. People buy it to commemorate certain events. So in my personal view, which is not that of a regulator, I don't see any problem with it.
Edward: The executive order also prohibits the government from developing a central bank digital currency (CBDC). Why was this decision made?
David Sacks: Central bank digital currencies pose a huge threat to freedom and privacy. A CBDC means a digital currency controlled by the Federal Reserve, which could gradually replace cash and track every transaction. This not only makes every transaction transparent, but could also lead to new laws and control measures that restrict people's freedom of consumption. Everyone is very concerned that this could become an "Orwellian" model of regulation, and no one wants to go down that path. We believe we can create something similar to a digital US dollar through stablecoins, without needing to go the CBDC route.
Edward: But a government digital currency could also compete with Bitcoin. Is that also a reason for this decision?
David Sacks: Any government can create a stablecoin, but the US dollar is already the global reserve currency, so I'm not concerned about that competition. I think we should further expand the dollar's dominance in the digital realm, pushing it into the global online market. This not only can create huge demand for US Treasuries, but also support our fiscal policy and lower long-term interest rates.
Edward: David, one last question. You are also the lead on artificial intelligence. The recent executive order positions the US as the global center for artificial intelligence. What does this mean for the future?
David Sacks: As President Trump said today, we want the US to be the global leader in both artificial intelligence and crypto. These are two frontier technologies that are crucial for the future. The previous Biden administration had issued an executive order of over a hundred pages that was overly cumbersome, and the industry has strongly objected to it. President Trump has promised to rescind that executive order and replace it with more efficient policies, which he has delivered on today.
Edward: Okay, it seems there will be a lot of changes ahead. David Sacks, thank you for sharing.