Stablecoins can secure U.S. dollar dominance: Trump’s crypto czar
David Sacks, Trump’s crypto czar, mentioned stablecoins might probably strengthen U.S. greenback dominance simply hours after Senator Hagerty proposed the GENIUS Act.
White Home AI and crypto czar David Sacks hosted a press convention alongside different GOP officers to outline President Donald Trump’s imaginative and prescient for America’s digital asset panorama.
Sacks acknowledged that stablecoins, fiat-pegged {dollars} operating on blockchains, might assist reinforce international U.S. greenback dominance. Coverage discussions on the matter counsel that new laws might require market individuals to carry reserves nearly solely in U.S. Treasury Payments.
Developments on Feb. 4 point out that Congress might prioritize stablecoin regulation below the Trump administration. Certainly, Senator Invoice Hagerty introduced the GENIUS Act to make clear guidelines and set up requirements for a vital sector of crypto transactions.
Responding to a query on Trump’s Bitcoin (BTC) reserve guarantees, Sacks mentioned that exploring the “feasibility of a strategic BTC reserve” was a high precedence for the crypto council. The U.S. is presently the most important sovereign BTC holder, with roughly 207,000 BTC—principally acquired by prison seizures.
A proposal from Senator Cynthia Lummis would enlarge this stockpile and alter legal guidelines to permit the Treasury Division to carry BTC.
Sacks, nonetheless, declined to touch upon whether or not a U.S. sovereign fund would accumulate cryptocurrencies. “You’ll need to ask soon-to-be Commerce Secretary Howard Lutnick about that,” Sacks replied.
Stablecoins debut in Senate, key committees eye broader coverage
Additionally current on the press convention with Sacks had been Senate Banking Committee Chair Tim Scott, Home Monetary Providers Committee Chair French Hill, Senate Agriculture Committee Chair John Boozman, and Home Agriculture Committee Chair G.T. Thompson.
Consultant Hill confirmed that each chambers of Congress plan to speed up and coordinate crypto coverage improvement by joint working teams. Throughout the convention, the 4 pro-crypto lawmakers introduced that, for the primary time, their committees had established devoted subcommittees centered on digital belongings.
