In a historic event, the U.S. government hosted its first official press conference on Bitcoin and digital assets, signaling a significant shift in policy under President Trump’s administration. Crypto Czar David Sacks and supportive U.S. politicians emphasized their commitment to nurturing the growth of digital assets and blockchain technology.
During the opening remarks, Sacks highlighted the President’s executive order prioritizing the responsible use and growth of digital assets across various economic sectors. He stated, “The President decreed that it’s the policy of his administration to support blockchain technology and related innovations.” Furthermore, Sacks announced the establishment of a dedicated working group aimed at proposing a comprehensive regulatory framework for digital asset operations, including stablecoins, in the United States.
Sacks contextualized the significance of the new administration’s positive stance towards the Bitcoin and crypto industry, especially given the regulatory challenges that arose during the previous administration. He noted, “Many founders told me that their primary need from Washington is regulatory clarity. They must understand the rules to navigate effectively. We come from a backdrop of arbitrary prosecution against crypto entities, often with no guidance from the SEC.”
Senator Tim Scott affirmed that this new era, which he dubbed the “golden age,” would continue to evolve positively. He expressed a commitment to collaborating with both the House and Senate to enact legislation that supports the burgeoning digital assets sector. Representative French Hill echoed this sentiment, stating, “We don’t want to be left behind in financial technology; our innovators require clear guidelines to thrive.” This proactive approach aims not only at economic growth but also at the U.S. maintaining its leadership role in crypto innovation.
Representative John Boozman pointed out the unique characteristics of different crypto assets, emphasizing that regulatory frameworks must reflect their varied nature. As he stated, “Some assets are commodities, while others are securities, and various regulatory bodies should oversee them accordingly.” Additionally, Rep. Thompson discussed the evolution of the Internet, drawing parallels between Internet 3.0—the era of digital assets—and the need for structured principles that protect consumers while fostering an environment ripe for innovation.
During a subsequent Q&A session, Senator Scott spoke on bipartisan efforts around cryptocurrency regulations, signaling a unified front in developing well-rounded, comprehensive legislation. In discussing Anti-Money Laundering (AML) regulations as they apply to crypto, Scott expressed openness to reevaluation, noting that the focus should be on preventing bad actors rather than strictly targeting digital assets.
Both Sacks and Thompson underscored the importance of educating lawmakers about cryptocurrency, which remains a relatively new area for many. Sacks declared, “Part of our mission is to demystify crypto’s complexities to equip our representatives with crucial knowledge.” He reiterated the distinction between Bitcoin and other crypto assets, fostering a constructive dialogue around the sector.
As the press conference concluded, Sacks addressed the potential of establishing a Strategic Bitcoin Reserve. He revealed that the President had instructed the team to investigate the viability of such a reserve, a move that could have far-reaching implications for U.S. involvement in global Bitcoin markets.
