At the first official press conference ever for digital assets hosting the US government, Sacker Crypto Czar David David and Pro-Crypto US politicians to prioritize Bitcoin and digital assets under the Trump administration.
In his opening attacks, Sacks shared that “The president said in his executive order in the first week that it is the policy of his administration to support the responsible growth and use of digital assets, blockchain technology and related technologies across all sectors of the economy . “
He also reminded the audience that the president in this executive order established both a working group for digital assets as well as a mandate for the group.
“Our goal is to perform the task assigned to us in Hans EO, which is to propose a federal regulatory framework for the issuance and operation of digital assets, including stablecoins, in the United States,” Sacks said.
“Golden Age” for the Bitcoin and Crypto Industry begins
Sack of contextualized the importance of this new administration is not antagonistic to the Bitcoin and Crypto industry, especially in the light of what happened during the bite administration.
“I’ve talked to many founders in the last few years, and they’ve repeatedly told me that the first thing they need from Washington is legislative clarity,” he said.
“They just want to know what the rules of the road are so that they can comply with them. We honestly come out of four years of arbitrary prosecution and persecution of cryptic companies where SEC would not tell the founders what the rules were and then they would prosecute them. Many founders even told me stories of being wiped out personally just because they had founded a cryptic business, ”he added.
Before concluding his opening notes, Sacks noted that he is looking forward to working with the politicians who host the conference with Ham senator Tim Scott (R-SC), Congress member French Hill (R-ar), Senator John Boozman ( R-AR) and Congress Member (R-PA) -I “Creating a Golden Age of Digital Assets.”
Senator Scott began by stating that this “golden age has begun” and that “the good news is that it gets better.”
He also noted that he plans to “work synergistically with parliament and the Senate, with the White House leading” when it comes to adopted bills on digital assets.
USA at the forefront of Bitcoin and Crypto Innovation
Rep. Hill emphasized that the United States should be a leader and not fall afterwards when it comes to the digital asset industry.
“We will not be behind in financial technology and digital assets in the US, [and] Our innovators need clarity, ”Rep said. Hill. “They have to know what the rules of the road are.”
He also said he forms a working group between House Financial Services Committee, Senate’s Bank Committee, House Agricultural Committee and Senate Agricultural Committee to create a clear regulatory framework.
Senator Boozman highlighted the fact that not all crypto assets are the same (without necessarily singing Bitcoin out).
“Some assets are raw materials, some are securities,” said Senator Boozman, who noted that different regulatory bodies should supervise different crypto assets accordingly.
Rep. Thompson went the audience through the stages of the Internet, pointing out the fact that the Internet has become “Val Internet today.”
“America was really the leader when it came to Internet 1.0, and [with] Internet 2.0, again, it was America that led to the world, ”Rep said. Thompson. “Internet 3.0 is what we are talking about today and that is the value of value – and we are approaching it in a principled way.”
This “principle way” includes the protection of consumers, while still offering innovators in Bitcoin and the Crypto Industry space to promote innovation, according to rep. Thompson.
“The possibilities [in crypto] are unimaginable, ”Rep said. Thompson. “I know [David Sacks] is laser focused on bringing security to digital asset markets. “
During a question and answer -session, Senator Scott noted that a bipartisan effort is being made around crypto in the Senate.
“Cynthia Lummis (R-WY) and Kirsten Gillibrand gather for the market structure proposal,” he said.
Comments for regulating money laundering money
When asked about reconsidering the Laws of Anti-White Layout (AML) when they relate to Krypto, Senator Scott said he is open to it.
“I think the broader conversation should not be about digital assets alone,” said Senator Scott. “It’s about bad actors who do bad things in all necessary ways.”
Rep. Hill chimged in with regard to AML rules and said they should exist, just as they do in the analog financial space.
Educational efforts
Rep. Thompson produced the importance of educating them in parliament and the Senate of crypto assets, given that it is still a relatively new topic.
“Membership education is what our first goal is here,” he said.
Rep. Hill repeated his feeling.
“A key element Now is the education and technical assistance that can be provided to members in both parliament and the Senate,” he said.
Sacks also offered its thoughts on this topic.
“Part of what we are here to do is provide resources for education,” he said, adding that some of the teachers may be “luminaires in the industry.”
When sacks talked about this topic, he also differentiated between Bitcoin and all other crypto assets and networks.
“Crypto can be an esoteric topic, and it’s good to explain it to demystify it,” Sacks said. “You have the Cryptocurrency itself like Bitcoin, [and then other assets that] Run on Blockchains, which are just distributed headbooks. “
The strategic bitcoin -reserve
Before the conference completed, Sacks also addressed the prospect of the United States creating a strategic Bitcoin reserve.
“One of the things the president instructed us to do was evaluate the idea of a Bitcoin reserve,” Sacks said. “So it’s one of the first things we want to look at as part of the internal working group in the administration.”