NEWSLETTER
In the first official press conference for digital assets organized by the United States Government, crypto Tsar David Sacks and American politicians Pro-crypto committed to prioritize bitcoin and digital assets during the Trump administration.
In his opening comments, Sacks shared that “the president said in his executive order in the first week that it is the policy of his administration to support responsible growth and the use of digital assets, blockchain technology and related technologies in all sectors of the economy. “
He also reminded the hearing that in that executive order, the president established a working group for digital assets, as well as a mandate for the group.
“Our goal is to carry out the task that the president assigned for us in his EO, which is to propose a federal regulatory framework that governs the issuance and operation of digital assets, including Stablecoins, in the United States,” Sacks said.
The “Golden Age” begins for the bitcoin and crypto industry
The bags also contextualized the importance of this new administration not to be antagonistic for the bitcoin and crypto industry, especially in the light of what happened under the Biden administration.
“I have spoken with many founders in recent years and they have repeatedly told me that the number one that they need of Washington is regulatory clarity,” he said.
“They just want to know what the rules of the road are so that they can comply with them. We are from frankly four years of arbitrary prosecution and persecution of cryptographic companies where the SEC would not tell the founders what the rules were and then processed them. Many founders even told me stories of being personally undone just because they had founded a cryptographic company, ”he added.
Before concluding his opening comments, Sacks said he hopes to work with the politicians who organize the conference with him: Senator Tim Scott (R-SC), president of the Senate Banking Committee; Congressman French Hill (R-AR), president of the Chamber Financial Services Committee; Senator John Boozman (R-AR), president of the Senate Agriculture Committee; and congressman GT Thompson (R-PA), president of the Agriculture Committee of the House of Representatives, in “Create a Golden Age for Digital Assets.”
Senator Scott began by stating that this “golden age has begun” and that “the good news is that it will improve.”
He also noted that he plans to “work synergily with the camera and the Senate, with the White House leading the way” when it comes to approveing invoices in digital assets.
United States at the forefront of bitcoin and crypto Innovation
The representative Hill stressed that the United States should be leading the way, not to be left behind when it comes to the digital asset industry.
“We do not want to be late in financial technology and digital assets in the United States, (and) our innovators need clarity,” said representative Hill. “They need to know what the rules of the road are.”
He also declared that a working group is forming between the Chamber Financial Services Committee, the Senate Banking Committee, the Chamber Agriculture Committee and the Senate Agriculture Committee to prepare a clear regulatory framework.
Senator Boazman highlighted the fact that not all cryptographic assets are the same (without necessarily a bitcoin single).
“Some assets are basic products, some are values,” said Senator Boozman, who said that different regulatory agencies should supervise different cryptographic assets accordingly.
The representative Thompson walked to the audience through the Internet stages, noting that the fact that the Internet today has become the “value of value.”
“The United States really was the leader when it was the Internet 1.0, and (with) Internet 2.0, again, it was the United States that led to that for the world,” said the representative Thompson. “Internet 3.0 is what we are talking about today, and that is the internet of value, and we are addressing it mainly.”
This “form of principles” includes protecting consumers and at the same time offer innovative in the bitcoin and crypto industry space to promote innovation, according to the Thompson representative.
“The opportunities (in crypto) are unimaginable,” said representative Thompson. “I know (David Sacks) focuses on the laser to contribute certainty to digital asset markets.”
During a question and answer session, Senator Scott said bipartisan efforts are being made around cryptography in the Senate.
“Cynthia Lummis (R-WY) and Kirsten Gillibrand are joining for him Market structure invoice“, Said.
Comments on the regulation against money laundering
When asked about the reconsideration of laws against money laundering (AML) in terms of cryptography, Senator Scott said he is open to it.
“I think the broader conversation should not be just about digital assets,” Senator Scott said. “These are bad actors who do bad things from any necessary means.”
The representative Hill intervened with respect to AML regulations, stating that they should exist, just as they do in analog financial space.
Educational efforts
The representative Thompson raised the importance of educating those in the Chamber and the Senate about cryptographic assets, since it is still a relatively new issue.
“The education of the members is what is our first objective here,” he said.
The representative Hill echoed his feeling.
“A key element is now the education and technical assistance that can be provided to members both in the Chamber and in the Senate,” he said.
Sacks also offered his thoughts on this issue.
“Part of what we are here to do is provide resources on education,” he said, adding that some of the educators can be “luminaires in the industry.”
While Sacks talked about this issue, he also differentiated between bitcoin and all other assets and cryptography networks.
“Cryptography can be an esoteric theme, and it is good to explain it, demystify it,” Sacks said. “You have the cryptocurrency itself as bitcoin, (and then other assets that) are executed in blockchains, which are only book books.”
Bitcoins Strategic Reserve
Before the conference concluded, Sacks also addressed the possibility that the United States creates a strategic Bitcoins reserve.
“One of the things that the president instructed us to make the idea of a bitcoin reserve evaluate,” Sacks said. “So, that is one of the first things that we are going to consider as part of the internal work group in the administration.”
