David Sachs, Trump’s special representative for digital currencies, discussed government priorities in cryptocurrency legislation during a press conference with Senate leaders. He mentioned creating a Bitcoin reserve and enacting new laws for stablecoins. Sachs criticized the lack of transparent regulations hindering crypto industry growth. He emphasized clearer laws benefiting businesses and government, preventing unnecessary industry harassment. He also called for ending crypto companies’ banking services restrictions and introducing some NFTs as collectible assets. Sachs announced that the main priority of the new digital asset task force would be exploring the possibility of creating a Bitcoin reserve on a national level. Another priority is creating regulatory transparency with the SEC. Lack of clear regulations led to crypto companies leaving the U.S., with FTX committing one of the biggest frauds in history. Many crypto founders lost their bank accounts due to lack of regulatory transparency. Legislation on stablecoins is a primary focus in the 119th Congress, aiming to regulate stablecoins under the FIT21 framework, addressing regulatory differences between agencies like the SEC and CFTC. The goal is to enhance transparency and reduce regulatory conflicts. Stablecoins could generate a trillion-dollar demand for U.S. bonds, potentially lowering long-term interest rates. Stay updated on all token and cryptocurrency prices at the live digital currency price page.
