White House Crypto Czar Advocates for Stablecoin Regulations

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 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," Sacks stated. He showed enthusiasm for collaborating with lawmakers, underlining that stablecoins could enhance the international dominance of the US dollar by encouraging its digital use as a global reserve currency, potentially creating trillions in demand.

Sacks stressed the necessity of regulatory clarity, criticizing past arbitrary prosecutions by the Securities and Exchange Commission that have driven crypto innovation offshore. He concluded by mentioning that the administration will also consider the feasibility of establishing a Bitcoin reserve as part of its broader digital asset strategy.