David Sacks, who advises President Trump on cryptocurrency and AI, unveiled a significant strategy to make the US the leader in digital assets and blockchain technology at a major news conference. Sacks introduced the GENIUS Act with Senator Tim Scott, Representative French Hill, Senator John Boozman, and Representative GT Thompson. This bill clarifies stablecoin issuance and regulation. The administration stressed the importance of bitcoin innovation in the U.S. to maintain financial leadership in the digital age. Despite ambitious policy promises, Bitcoin plummeted after the event. This dip indicates market frustration at the lack of relevant news.Â
The GENIUS Act and stablecoin regulations
The GENIUS Act, a stablecoin regulation measure, dominated the news briefing. The law will appoint federal and state regulators by issuer size to balance control. The administration stressed that stablecoins strengthen the U.S. dollar in global finance. They connect traditional money to the digital economy.
Senator Bill Hagerty introduced stablecoin regulation legislation. This bill supports bipartisan goals to define stablecoin issuance and management. Officials emphasized stablecoins’ economic benefits. They can boost the demand for U.S. treasuries and be safer than offshore stablecoins, which could harm consumers and businesses. Lawmakers want a strong dollar and a transparent crypto market.
Clarifying Crypto Business Owner Rules
Due to confusing and shifting laws, many U.S. crypto companies have moved offshore to avoid legal issues. By setting clear guidelines, the government wants to enable honest firms to work without fear of punishment. Sacks noted that clear regulations will stimulate local innovation, protect clients, and prevent scams like the FTX disaster in an unregulated area. The press briefing also unveiled a bipartisan, bicameral working group harmonizing crypto legislation from House and Senate committees.
An Important Turning Point for U.S. Crypto Rules
A U.S. Bitcoin Reserve was a major issue. Despite no official intentions, Sacks said the administration is considering adding Bitcoin to national reserves. This might boost U.S. investments, legalize cryptocurrency, and spur significant blockchain technology investments.
Conclusion
Even if some investors were upset, this press conference signals a significant change in U.S. cryptocurrency policy. In 100 days, legislators will finish laws, implement rules, and educate Congress about blockchain technology.
