The US House of Representatives and Senate are organizing a joint working group to promote cryptocurrency-related legislation, and David Sacks, the AI and cryptocurrency czar appointed by Trump, held a joint press conference in Washington, DC on Tuesday, outlining the new administration's broad-based friendly cryptocurrency legislative agenda with the congressional members responsible for digital asset legislation.
David Sacks outlines friendly encryption agenda
David Sacks reiterated the goals of "establishing a clear regulatory framework for cryptocurrencies", "ensuring that cryptocurrency innovation occurs on US soil", and "creating a golden age for digital assets".
He mentioned that the Trump administration's goal is to "ensure America's dominance in the digital asset space", and he looks forward to working with the members of Congress to create a golden age for digital assets, as cryptocurrencies are "a priority in the first week of the administration".
David Sacks stated:
We want to keep this innovative activity on US soil, because financial assets will inevitably become digitized, just as other traditional industries have already undergone digital transformation, and we want this value creation to happen in the US, rather than letting it flow to other countries.
Congress establishes working group to develop friendly encryption policies
Some of the planned initiatives surfaced earlier on Tuesday, with Republican Senator Bill Hagerty introducing a stablecoin bill aimed at establishing a regulatory framework for stablecoin issuers in the US, dividing regulatory responsibilities between state agencies and federal regulators, with the Federal Reserve and the Office of the Comptroller of the Currency (OCC) jointly responsible.
Senate Banking Committee Chairman, Republican Senator Tim Scott, pointed out that the committee will first tackle the stablecoin issue.
House Financial Services Committee Chairman French Hill, House Agriculture Committee Chairman Glenn Thompson, and Senate Agriculture Committee Chairman John Boozman, among other members of Congress, stated that market structure-related bills will be on the agenda, echoing the House's passage of the Financial Innovation and Technology Act (FIT21) last year.
Further reading:Can the FIT21 Crypto Act Make America's Web3 Industry Great Again? CFTC Commissioner: The regulatory process will be a long, slow process...
French Hill stated that a bill similar to FIT 21 will be advanced in the House along with the stablecoin bill.
French Hill said that lawmakers from both the House and Senate will form a working group to develop policies favorable to the development of digital assets, and the new legislation will bring "clarity" to the regulatory framework.
Studying the feasibility of BITCOIN reserves
Notably, regarding the issue of BITCOIN reserves, David Sacks stated that studying the feasibility of BITCOIN reserves is one of the top priorities assigned to him by the President, and it will be part of the work of an internal government working group, but the concept of incorporating cryptocurrencies into a sovereign wealth fund is different, and Howard Lutnick, the nominee for Commerce Secretary, will be responsible for this.
On Monday, US President Trump signed an executive order directing the Treasury Department and the Department of Commerce to establish a sovereign wealth fund, although it did not mention cryptocurrencies, but Treasury Secretary Scott Bessent has expressed some interest in cryptocurrencies, and Howard Lutnick is also a staunch supporter of the cryptocurrency industry, so the inclusion of BITCOIN in the sovereign wealth fund may be possible.
