David Sacks, appointed by President Donald Trump to lead the newly formed Digital Assets Working Group, on Thursday outlined the group’s priorities, emphasizing the need for regulatory clarity and a strategic approach to digital assets.
What Happened: In an interview with Fox Business, Sacks highlighted three key areas of focus: defining market structures, exploring the potential of stablecoins, and evaluating the creation of a national digital asset stockpile.
Sacks explained that the working group will first prioritize defining market structures.
“We need to define. What is the security? What’s a commodity? What’s a digital asset or collectible?” said Sacks, emphasizing the importance of clear categorizations to provide a sound regulatory framework for the industry.
He stressed the need to bring clarity to this complex ecosystem.
In addition, the working group will explore the potential of stablecoins.
“I think stable coins are a really interesting area [that] gives us the opportunity to extend the dollars dominance internationally. We can basically create a digital dollar that people all over the world will use,” he said.
Finally, Sacks indicated that the group will evaluate the possibility of establishing a national stockpile for digital assets, noting "we’re evaluating this national stockpile for digital assets. We haven’t created it yet, but we’re going to study that issue."
Notably, neither Sacks nor the executive order specifies which digital assets would be included, thereby muting the hopes for a Bitcoin (CRYPTO: BTC) reserve.
Also Read: Ivanka Trump Denounces Fake Crypto Coin Using Her Name
Why It Matters: Sacks criticized the Biden administration’s approach to the crypto sector as overly aggressive and unclear, saying “the Biden administration has basically prosecuted and persecuted crypto companies, really driving them offshore”.
He asserted that President Trump is committed to reversing this trend, saying “President Trump has declared that the U.S. must be the crypto capital of the world.”
Trump signed executive orders on Thursday focused on enhancing U.S. leadership in the cryptocurrency industry while halting progress on central bank digital currencies (CBDCs).
The orders establish a Presidential Working Group on Digital Asset Markets, led by David Sacks, the White House's appointed ‘AI & Crypto Czar.'
The group will include prominent officials such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, tasked with creating a federal regulatory framework for digital assets and stablecoins.
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