White House Crypto Czar Advocates for Stablecoin Regulation

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

"We're excited about working with both the House and Senate on stablecoin legislation," Sacks stated. He expressed his enthusiasm for collaborating with lawmakers, underscoring the potential of stablecoins to reinforce the international supremacy of the US dollar by encouraging its digital use as a global reserve currency, which could potentially unlock trillions in demand.

Sacks also stressed the necessity for regulatory clarity, criticizing the Securities and Exchange Commission's past arbitrary prosecutions that have driven crypto innovation offshore. Concluding his remarks, Sacks mentioned that the administration is considering the feasibility of establishing a Bitcoin reserve as part of its comprehensive digital asset strategy.