U.S. Congress Unites to Propel Crypto Legislation
The U.S. House of Representatives and Senate are joining forces to establish a collaborative working group aimed at advancing legislation in the cryptocurrency space. At a press conference held on Tuesday in Washington, David Sacks, who has been designated as the crypto czar by President Donald Trump, articulated his vision for “ensuring American dominance in digital assets.” He emphasized the importance of this initiative during a joint assembly with the leaders of the congressional committees responsible for crafting digital asset legislation.
Sacks expressed enthusiasm about the potential for significant advancements, stating, “I look forward to working with each of you in creating a golden age in digital assets.” He further labeled crypto as a “week-one priority for the administration.”
Earlier on the same day, a portion of the legislative agenda was unveiled with the introduction of a Senate stablecoin bill. Senator Bill Hagerty, a Republican from Tennessee, has put forth a proposal designed to establish comprehensive U.S. oversight for stablecoin issuers. This framework aims to delineate regulatory responsibilities between state agencies and federal entities, particularly the Federal Reserve and the Office of the Comptroller of the Currency.
In his remarks, Sacks underscored the necessity of fostering innovation domestically, declaring, “We want to keep that innovation onshore in the U.S. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries.” This press conference marked Sacks’ first public address since his appointment as the AI and crypto czar, highlighting the administration’s commitment to embracing the future of digital finance.
