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 enacting 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 stablecoin legislation," he stated, showcasing his eagerness to collaborate with lawmakers. Sacks believes that stablecoins could enhance the US dollar's global dominance by encouraging its digital use as a global reserve currency, potentially unlocking trillions in demand.

He also stressed the necessity for regulatory clarity, critiquing the Securities and Exchange Commission's past arbitrary prosecutions that have driven crypto innovation away from US shores. Concluding his remarks, Sacks mentioned that the administration would also consider the viability of establishing a Bitcoin reserve as part of its comprehensive digital asset strategy.