Crypto Czar David Sacks Set to Lay Out US Digital Policy Agenda

Newly appointed White House AI and Crypto Czar David Sacks is set to hold a press conference along with key Republican lawmakers which will tackle initiatives and plans on how Congress and Trump’s cabinet pertaining to “securing America as a leader in the digital asset ecosystem.”

This press conference marks the first time an ensemble of Trump-aligned senators, representatives, and the White House crypto czar have gathered to inform the public about the administration’s digital asset policy strategy.

Among the GOP legislators and pro-crypto representatives that were on hand include Senate Banking Committee chair Tim Scott, House Financial Services Committee chair French Hill, Senate Agriculture Committee chair John Boozman, and House Agriculture Committee chair G.T. Thompson.

Fast-Tracking Crypto Regulation

The schedule of the Presidential Working Group on digital assets led by Sacks revolves around expediting resolutions and bills that will lay out clear rules about cryptocurrency regulation. As such, the calendar requires the U.S. Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies to identify all laws relevant to cryptocurrencies and digital assets by the end of February.

From there, agencies must also provide policy recommendations to rescind or modify existing laws, which are targeted to happen between March and July. Within 180 days of July, regulators must then submit comprehensive crypto regulatory proposals to President Trump’s office, focusing on a federal framework, market structure, stablecoins consumer protection, and oversight.

Sacks to Focus on Stablecoins

Among the multitude of cryptocurrencies in the marketplace, Sacks and his working group would have a keen focus on regulating stablecoins such as Tether, USD Coin, and Dai.

During an appearance on CNBC’s ‘Closing Bell Over Time’, Sacks mentioned that the working group are very committed to moving legislation through the House and the Senate this year in order to provide that clear regulatory framework that the digital assets ecosystem needs to sustain innovation in the United States, 

“Moving legislation through Congress takes time, but I think this is something we could do in the next six months,” Sacks added.

Moreover, earlier in the day, Sacks joined leaders of the House and Senate committees for banking and finance for a press conference to talk about their early objectives for crypto policy, with the help of the SEC. 

It was part of a busy day in Washington for regulators and key players on Capitol Hill and in Trump’s White House to announce next steps in their digital currency plans.

Their first priority is supporting a stablecoin bill introduced by Sen. Bill Hagerty (R-Tenn.), who has proposed new rules for stablecoins to create a “clear regulatory framework” for their use. Stablecoins are a type of cryptocurrency whose value is pegged to a real-world asset, such as the U.S. dollar.

SEC Under New Leadership

On Tuesday, the SEC made a major shift in its approach to digital asset regulation by having a new SEC Commissioner at the helm. Hester Peirce is now the SEC Commissioner, and will also lead the agency’s newly established Crypto Task Force.

Under Peirce, the agency announced it would open its doors to meetings with anyone interested in discussing crypto, an effort to show a clear contrast to former SEC Chair Gary Gensler, who emerged as an antagonist to the industry.

SEC Commissioner Peirce published a statement titled The Journey Begins where she stated that the idea is to create more transparent and predictable regulations, removing legal ambiguity and unnecessary roadblocks.

“The Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives — including protecting investors — and preserves industry’s ability to offer products and services,” Peirce wrote.

SEC Commissioner Peirce’s priorities include clarifying which crypto assets fall under securities laws, crafting a path for token issuers to gain regulatory approval and ensuring compliance measures don’t stifle innovation. 

Moreover, the Crypto Task Force group will also examine crypto lending, staking, exchange-traded products, and cross-border regulations. Peirce stressed that while the SEC aims to foster industry growth, it will not tolerate fraud.

What Does This Mean for the Crypto Casino Industry?

The recent initiatives from the Trump Administration regarding cryptocurrency and digital asset regulation is set to make a significant impact on the crypto casino market.

Players who frequently enjoy online casino games and utilize various cryptocurrency can see a more ubiquitous online casino market that will offer more options down the line, provided the regulatory measures and rulings are properly met and enforced.

It would also promote a safer environment for crypto players, and the general public to eventually utilize cryptocurrency as a feasible option for their day-to-day transactions. Suffice to say, many eyes will be closely monitoring any and all developments from the Working Group and Crypto Task Force throughout the year.