US President Donald Trump and AI Crypto Czar David Sacks held a press conference on 2/4 Eastern Time, announcing that the US government will legislate on digital asset regulation and Stable Coin, while also exploring the feasibility of establishing a Bitcoin Reserve.
After the press conference, Sacks emphasized in an interview with foreign media that the new government will gradually push for new bills to ensure the US's global leadership position in digital currencies and blockchain technology, while also expanding the dominance of the US dollar into the digital finance world.
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ToggleCountdown to digital asset regulation legislation, the new government accelerates advancement
Sacks revealed that before the press conference, he had just met with the leaders of the House and Senate Banking Committees to discuss the details of cryptocurrency regulation legislation. He said: "Congressmen have a strong willingness to promote digital asset regulation legislation, and President Trump also strongly supports it, with the goal of completing the legislation within 6 months." Sacks further said that this move is to provide a stable regulatory environment for the industry, preventing companies from moving their business overseas due to regulatory uncertainty.
Initiate feasibility assessment of Bit Reserve
At the press conference, Sacks also confirmed for the first time to the public that the new government is studying the feasibility of establishing a Bit Reserve or other digital asset reserves. When asked whether this reserve could be included in the US Sovereign Wealth Fund, Sacks responded: "This is indeed possible, but it will ultimately be decided by the incoming Secretary of Commerce, Howard Lutnick. In any case, our current focus will be on assessing the feasibility."
Assuming the US government decides to hold Bit, this will be the first time a major economic power has officially established a Bit reserve. This will not only change the global attitude towards cryptocurrencies, but also further consolidate Bit's position as digital gold.
Silicon Valley and other tech companies fully support Trump's policies
Regarding the relationship between Silicon Valley and the Trump administration, Sacks said: "So far I haven't encountered any Silicon Valley figures who don't support Trump's digital asset and innovation policies." He further pointed out that the US government's IT systems are quite outdated, and this is an area where tech experts can exert influence. "The technical expertise of Silicon Valley can help the government achieve digital modernization and improve efficiency, which is what we urgently need now." he emphasized.
Sacks believes that bringing the innovative mindset of the tech industry into the government decision-making layer can not only improve operational efficiency, but also help alleviate the US government's budget deficit and debt problems.
China-US tech war heats up! China announces anti-monopoly investigation into Google
Just after Trump announced a 10% tariff on Chinese imports, the Chinese government retaliated and announced an anti-monopoly investigation into Google. Regarding this, Sacks responded: "China has already been unfairly treating US tech companies, and this trade relationship is not equal. Therefore, the Trump administration's tariffs on Chinese goods are just part of fair market competition."
How this trade war will affect China-US tech competition and AI industry development remains to be seen, but the US government is apparently prepared to take a tougher stance.
(China retaliates against US tariff war! Imposes up to 15% tariffs on US imports starting February 10)
The US government focuses on three core values of digital assets
Sacks further explained that the US government's focus on digital assets is mainly driven by three core values:
- The value storage function of Bit: It has never been cracked since the birth of Bit, and has become the globally recognized "digital gold" with characteristics such as anti-inflation and value preservation.
- The application potential of TRON technology: Bit runs on TRON, this decentralized distributed ledger technology (DLT) can bring more innovative applications, such as financial technology and smart contracts.
- The global influence of stablecoins and the US dollar: Currently, the development of most stablecoins is still concentrated in the overseas market. The United States hopes to use regulatory legislation to keep these innovations within the United States while attracting overseas operators to return, and use stablecoin technology to expand the influence of the US dollar in digital finance, further enhancing international demand.
He emphasized that stablecoins can not only accelerate the development of the US dollar in the digital age, but also create a market demand of trillions of US dollars, which in turn will help the US government reduce long-term debt interest rates, which is the part they are most interested in at the moment.
(Trump signs action to create a sovereign wealth fund to buy TikTok, vaccines to benefit Americans)
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate violently, and you may lose all your principal. Please carefully evaluate the risks.
