On February 4President Trump’s Crypto-Czar, David Sacks, held a press conference on Capitol Hill to discuss the plans of the new cryptocurrency regulation administration. Sacks was joined by the President of the Senatorial Bank Committee Tim Scott (R-SC), the Chairman of the Senate Agriculture Committee John Boozman (R-AR), the president of the Glenn Chamber’s Agriculture Committee “GT »Thompson (R-P-PA), and the president of the Financial Services Committee of the French Chamber Colline (R-AR).
The main dishes to remember:
- The Senatoric Banking Committee, the Senate of Agriculture Committee, the Chamber’s Agriculture Committee and the Chamber’s Financial Services Committee will meet to form a bicameral cryptography committee. The main priorities of the Committee are to create a bill on stables and a federal regulatory framework for digital assets.
- Senator Bill Hagerty (R-TN) presented legislation to create a framework for stablescoins. Future work in the regulation of cryptography will strengthen the bill of Senator Hagerty and financial innovation and technology for the law of the 21st century (Fit21).
- Senator Tim Scott said his goal was to have bills via the Senate in the first 100 days of the new administration.
- The presidential working group on the digital asset markets will assess the concept of a bitcoin reserve.
- The objective of all these initiatives is a clear and complete regulatory framework to encourage American innovation and market integrity.
Read the rest for more details on the event and what it means for upcoming regulations in this space.
David Sacks opened the conference with a summary of the recent decree of President Trump concerning cryptocurrency and digital assets, which we have covered here. In doing so, Sacks has highlighted the language of this decree that the policy of this administration is “to support the growth and use responsible for digital assets, blockchain technology and related technologies in all sectors of ‘economy”.
The bags then turned to new announcements, in particular that the objective of the newly trained Bicameral Committee is to offer a federal regulatory framework to govern digital assets, including stablecoins. Sacks said that the number one emission of fintech companies is faced with regulatory clarity and that the nation came out of “four years of arbitrary prosecution and persecution of cryptographic companies” where the American commission for securities and exchange (dry ) did not fully communicate the rules for new types of digital currencies.
Sacks also explained that the current regulatory approach pushed innovation abroad and said that its priority was to “keep (innovation) on the ground”. Sacks said that the transition to innovation on the American coast would be better for consumer protection, as it is easier for regulators to supervise the activity of digital assets when it occurs in the country. Sacks said that the rejection of innovation on land would encourage good players while protecting the market for bad players.
Sacks then mentioned the new bill of Senator Bill Hagerty on the Stablescoins. Sacks said that stablecoins have the potential to “guarantee the domination of the US dollar internationally, to increase the use of US dollars numerically as a global reserve currency, and in doing so, create billions of dollars From the demand for American treasury bills that could reduce long -term interests that could reduce long -term interests that could reduce long -term interests. “”
Senator Tim Scott said he was impatiently awaiting democratization and facilitated easier and less expensive business in the United States. Senator Scott said he was excited for a synergistic approach to the room and the Senate with the White House paving the way.
French Hill representative Rephaster the need for the founders of the company to have clarity and said the United States should not be delayed in financial technology and assets. The representative Hill congratulated the bicameral support this year and the strong bipartite support last year, for Fit21. (We explored Fit21 on our last episode of the Cryptocoulsel podcast, with the guest James Murphy.)
Senator John Boozman said this situation was unique in terms of competence. The committees of the Chamber and the Senate on Agriculture have a supervisory authority on the Commodity Futures Trading Commission (CFTC), and as some digital assets may be basic products and that some may be titles, Senator Boozman has Declared that collaboration with the White House and the new crypto-czar will help create a final structure. He also stressed the importance of a clear structure to protect consumers and allow the industry to develop.
Representative GT Thompson Said that like America was an Internet leader 1.0 and 2.0, America must be a leader on the Internet 3.0, “Internet of Value”. The representative Thompson reiterated that the priorities of the subcommittee were 1) not to harm and protect consumers, 2) provide a regulatory structure and clarity and 3) promote innovation.
During a question and answer session with journalists, the most notable answers included:
- Planned legislation: The representative Hill said that the legislation proposed by FIT21 and Senator Hagerty would provide the foundations for any future bill, the committee brought modest changes. The representative Thompson stressed that Fit21 was carried out in “tripartisan way” which brings the industry and the main stakeholders to the table.
- Regulatory approach: The representative Hill said that legislators examine the security and floors security aspects, and this consideration is not different from that when legislators consider any other financial transfer or payment mode. In addition, in the Fit21 projects that were shared last year, there were LMA standards for digital assets which are not rescs the requirements in similar financial services.
- Membership of members: The representative Thompson said that with new members entering Congress, members’ education is the first objective. The representative Hill stressed that a key element is the education and technical assistance of the executive power to the members of the Chamber and the Senate. Sacks said that a priority is to help members inform, demystify the crypto and emphasize what can be built on blockchains.
- Bitcoin reserve: Sacks said that the cryptographic working group is responsible for assessing the idea of a bitcoin reserve, and this process has not yet started because they are waiting for certain members of the cabinet to be confirmed.
The press conference has provided a clearer image whose political decision -makers conduct the regulation of digital assets, their priorities and the next stages planned. We will continue to monitor the progress of the executive branch and the initiatives of the congress on cryptographic regulations.
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