In First ever press conference hosted by U.S. federal government on digital assets Crypto Czar David Sacks The United States has a number of politicians who are pro-crypto and have committed themselves to promoting bitcoin and other digital assets. Trump administration.
In The opening remarks of the President Sacks shared that “the President said in his executive order in the first week that it’s 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 The audience was reminded of the fact that the executive order in question also contains the following: President Both a digital asset working group and a group mandate should be established.
“Our The goal is to complete the task. President In his EO he proposes a Federal A regulatory framework has been established for digital assets including stablecoins in the UK. United States,” said Sacks.
The "Golden Age" For The Bitcoin And Crypto Industry Begins
Sacks also contextualized the significance of this new administration’s not being antagonistic to the Bitcoin Crypto industry and what it has done under the Biden administration.
“I’ve talked to many founders over the last few years and they’ve told me repeatedly that the number one thing they need from Washington is regulatory clarity,” he said.
“They Just want to understand the road rules so that they can follow them. We’re coming off frankly four years of arbitrary prosecution and persecution of crypto companies where the SEC wouldn’t tell founders what the rules were and then they would prosecute them. Many founders even told me stories of being debanked personally just because they had founded a crypto company,” he added.
Before Having concluded his opening remarks Sacks noted that he looks forward to working with the politicians hosting the conference alongside him — Senator Tim Scott (R-SC), Congressman French Hill (R-AR), Senator John Boozman R-AR Congressman (R-PA) — in “creating a golden age for digital assets.”
Senator Scott began by stating that this “golden age has begun” and that “the good news is that it’s going to get better.”
He also noted that he plans to “work synergistically with the House You can also read about the SenateThe. White House leading the way” when it comes to passing bills on digital assets.
The U.S. At The Forefront Of Bitcoin And Crypto Innovation
Rep. Hill It is important to note that this statement applies only to the United States Digital asset industries should not be left behind, but rather lead the industry.
“We don’t want to be behind in financial technology and digital assets in the United States, [and] our innovators need clarity,” said Rep. Hill. “They need to know what the rules of the road are.”
He also stated that he’s forming a working group between the House Financial Services Committee. Senate Banking CommitteeThe House Agriculture Committee You can also read about the Senate Agriculture Committee To create a clearly defined regulatory framework.
Senator Boozman The fact that bitcoin is not the only crypto asset (and other assets like it) was also highlighted.
“Some assets are commodities, some are securities,” said Senator BoozmanAccording to, different regulators should be in charge of different crypto assets.
Rep. Thompson The audience was taken through all the phases of the Internet, pointing out the fact that the internet today has become the “Internet of value.”
“America When it comes to Internet 1. [with] Internet It was 2.0 again America that led that for the world,” said Rep. Thompson. “Internet 3.0 is what we’re talking about today, and that’s the Internet of value — and we’re approaching it in a principled way.”
This “principled way” includes protecting consumers while still offering innovators in the Bitcoin Crypto industry to promote innovation according to Rep. Thompson.
“The The following are some opportunities to learn more. [in crypto] are unimaginable,” said Rep. Thompson. “I know that [David Sacks] is laser focused on bringing certainty to digital asset markets.”
During Question and Answer session Senator Scott There are currently bipartisan efforts underway to promote cryptography in Canada Senate.
“Cynthia Lummis R-WY Kirsten Gillibrand are coming together for the market structure bill,” he said.
Comments On Anti-Money Laundering Regulation
When Consider asking about reconsideration Anti-Money Laundering Cryptography and anti-money laundering laws Senator Scott said he’s open to it.
“I think that the broader conversation should not be about digital assets alone,” said Senator Scott. “It’s about bad actors doing bad things by any means necessary.”
Rep. Hill They also commented on AML laws, and stated that such regulations should be in place, just as they are in the analog financial world.
Educational Efforts
Rep. Thompson It is important to educate those who are in charge. House The following are some examples of how to get started: Senate about crypto assets, given that it’s still a relatively new subject.
“Member education is what our first goal is here,” he said.
Rep. Hill He echoed the sentiment.
“A key element now is the education The following are some examples of how to get started: technical assistance that can be provided to members both in the House and Senate,” he said.
Sacks Also, he shared his views on the topic.
“Part of what we’re here to do is provide resources on education,” he said, adding that some of the educators can be “luminaries in the industry.”
As Sacks When he spoke about this subject, he made distinctions between Bitcoin Crypto assets, networks and other digital assets.
“Crypto can be an esoteric subject, and it is good to explain it, to demystify it,” said Sacks. “You’ve got the cryptocurrency itself like bitcoin, [and then other assets that] run on blockchains, which are just distributed ledgers.”
The Strategic Bitcoin Reserve
Before The Conference has ended. Sacks The U.S. also discussed the idea of creating a Strategic Bitcoin Reserve.
“One The things you can do to help the environment President We were told to evaluate an idea. Bitcoin reserve,” said Sacks. “So, that is one of the first things we’re going to look at as part of the internal working group in the administration.”
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