White House AI and Crypto Czar Pushes for Stablecoin Legislation

David Sacks, Chair of the President's Council of Advisors on Science and Technology, also known as the White House AI and crypto czar, highlighted the US administration's dedication to advancing stablecoin legislation during a public event with Senate and House leaders on Tuesday.

"We're excited about working with both the House and Senate on stable point legislation," Sacks stated. He showed eagerness to collaborate with lawmakers, emphasizing that stablecoins could enhance the US dollar's international dominance by encouraging its digital use as a global reserve currency, potentially creating trillions in demand.

Sacks stressed the necessity for regulatory clarity, criticizing previous arbitrary prosecutions by the Securities and Exchange Commission that had driven crypto innovation offshore. Concluding his remarks, Sacks mentioned that the administration would also look into the possibility of establishing a Bitcoin reserve as part of its broader digital asset strategy.