White House AI and crypto-czar David Sacks held his first press conference on Tuesday, outlining legislative priorities and teasing the Trump Administration’s second significant attempts to regulate the book business, including a detailed bitcoin costs and a markets construction bill.  ,
Senate Banking Committee Chairman Tim Scott (R-SC ) stated at the event that key Senate and House leadership was present. He stated that he intends to pass both significant crypto bills by the end of President Donald Trump’s first 100 days in office, which is less than three months away from today.
Scott added that Sen. Bill Hagery (R-TN)’s ( D)-sponsored stablecoin bill is likely to advance first.
That act, dubbed the GENIUS Act, may create a route to practical propriety for manufacturers of U. S. dollar-backed stablecoins. Stablecoins have gained acclaim as a vital tool connecting the exceedingly linked worlds of traditional banking and online assets. They allow crypto users to garden funds in regular on-chain tokens tied to assets like the U.S. dollar.  ,
According to a review of the invoice seen by Decrypt, the GENIUS Act would require bitcoin manufacturers to submit regular audited reports on the state of the stablecoins reserves backing their products, as well as impose sanctions on any business that fake reports on their reserves.
Republicans ‘ plans to form a comprehensive bicameral working group that will coordinate crypto legislation in tandem with Sacks and the White House were also announced at Tuesday’s press conference.  ,
” Financial assets are destined to become digital, just like every analog industry has become digital”, Sacks said. ” And we want that value creation to happen in the United States” . ,
House Financial Services Chair French Hill (R-AR ) questioned on Tuesday about FIT21, a crypto markets structure bill that was approved by the House last year and had” the fundamentals,” but that a new markets structure bill introduced in the coming months might have” some modest changes.”
previously reported that the crypto lobby appears to be reluctanced to repeal FIT21 in favor of legislation that is even more favorable to the industry in light of its sweeping political victories in November.
At Tuesday’s crypto-focused press conference, Sacks also faced questions about a federal crypto reserve, which is currently being mulled by the White House. Given the close ties between other state-backed wealth funds and digital assets like Bitcoin, Trump signed an executive order on Monday directing the establishment of an American sovereign wealth fund.  ,
Sacks clarified, however, that while he and his crypto working group will soon investigate the merits of a crypto strategic reserve, Trump’s announced sovereign wealth fund is” a little separate” from those considerations.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.