Trump’s AI and crypto czar, David Sacks, praised Bitcoin as a strong store of value and emphasized the administration’s push for a clear regulatory framework for cryptocurrencies.
David Sacks, who is in charge of AI and cryptocurrency for Donald Trump, spoke on CNBC on Tuesday and expressed his strong support for Bitcoin, saying it’s a great way to preserve value.
He pointed out that Bitcoin is very secure and has lasted a long time, noting that it has not been successfully hacked in over ten years, making it the strongest digital currency.
Earlier that day, Sacks outlined the Trump administration’s plans for cryptocurrency, highlighting that looking into a possible national Bitcoin reserve is a top concern.
This matches Trump’s support for cryptocurrency during his election campaign, where he pushed for simpler rules and more usage of digital assets by institutions.
Trump Pushes for Crypto Regulations
To move this plan forward, Trump signed an executive order to create a group that will work on new rules for cryptocurrency.
Sacks also met with congressional leaders to discuss passing legislation that would provide much-needed clarity for the crypto industry, expressing confidence that a framework could be passed within six months.
At the same time, the U.S. Securities and Exchange Commission (SEC) is changing how it deals with cryptocurrencies. The agency’s new crypto team is trying to clearly define which digital assets are considered stocks.
SEC Scales back Crypto Enforcement
They are shifting away from the strict approach used by the previous chair, Gary Gensler. The New York Times revealed that the SEC is reducing its special team for crypto enforcement and moving some lawyers to different areas.
Sacks highlighted that the government wants to support the growth of stablecoin technology in the U.S. instead of letting it develop in other countries. He said that stablecoins made in the U.S. could strengthen the dollar’s role in global banking and create a strong need for U.S. government bonds.
Even with strong support for Bitcoin, its price fell by 2.8% to $98,052 after China announced actions in response to Trump’s new tariffs.
