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Trump administration crypto czar David Sacks and chairs from multiple House and Senate committees held a press conference on Capitol Hill Tuesday to lay out how the White House and Congress plan to carry out President Donald Trump’s plans for America leading the world in the digital asset ecosystem.
Sacks said he looks forward to working with Congress in “creating a golden age in digital assets.”
Representative Glenn Thompson, a Republican from Pennsylvania, from left, Senator Tim Scott, a Republican from South Carolina, David Sacks, White House Artificial Intelligence (AI) and Crypto czar, Representative French Hill, a Republican from Arkans (Ting Shen/Bloomberg via Getty Images / Getty Images)
Sacks was joined by Senate Banking Committee Chairman Tim Scott (R,S.C.), Senate Agriculture Committee Chairman John Boozman (R,Ark.), House Financial Services Committee Chairman French Hill (R,Ark.), and House Agriculture Committee Chairman G.T. Thompson (R, Pa.), who laid out moves being made to carry out Trump’s executive order last week that seeks to clarify regulations in the crypto industry.
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The four committees are forming a bicameral committee to lead on crypto regulation where they will prioritize stablecoin and market structure legislation.
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Committees plan to build from the “FIT21” bill for market structure legislation that was passed in the House Financial Services Committee last year, and will use Sen. Bill Hagerty’s (R, Tenn.) new stablecoin bill that dropped Thursday as a starting point for new legislation this Congress.
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Senate Banking Chairman Tim Scott said he plans to be “as aggressive as possible” to get the bills through the Senate in the first 100 days.
Stablecoin legislation is moving forward quickly, according Scott, who said Republicans have been working with Democratic sponsors on the bill and they plan to move on that first. Hill said the group plans to work on both market structure and stablecoin bills simultaneously on a bipartisan basis in the House.
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Sacks, who is also the White House’s artificial intelligence (AI) czar, confirmed that one of the first things the Presidential Working Group on Digital Assets formed by Trump’s EO is going to look at is the feasibility of a Bitcoin reserve, but noted the initiative is still in the early stages as some members of the working group have not yet been confirmed.