The Tsar of AI and Cryptocurrencies of the White House, David Sacks, outlined, in a press conference made at the beginning of this week, which will be the priorities for the Donald Trump government sector. In his statements SACKS outlined the work that the working group focused on Bitcoin (BTC) and other cryptocurrencies, created according to the guidelines of the Executive Order signed by Trump on January 23. «The main thing is to form and make operational the activities of a group whose objective is to make the United States the world leader into cryptocurrencies,» he said. Hence one of the first works of the team is The creation of the reserve in Bitcoins. When addressed as one of the government priorities, much of the work of the Tsar team must focus on the legal mechanisms that allow the reservation to be created. This evaluation would go hand in hand with the creation of the Sovereign Fund of wealth announced by Trump, although the possibility that this fund includes Bitcoin is remote. This, because it is «a little separate» from considerations that are taken into account for the reserveas Sacks explained. He clarified that this fund will be in charge of Howard Lutnick, who will be in charge of the Ministry of Commerce.
In 6 months there will be a new regulatory framework
In that sense, the Tsar also recalled that the group members – which will be led by him – include the head of the SEC (Bag and Securities Commission), the head of the Basic Products Trade Commission (CFTC), the Secretary of the Treasury and all the agencies and departments that are interested in cryptocurrencies. All of them will take care of elaborating A new regulatory framework For the cryptocurrency sector in the United States. «What we are going to do initially is to identify and make recommendations that the departments can carry out and execute,» Sacks said. «The objective is to make the world the world capital of cryptocurrencies, as the president in Davos said.» The idea is Create favorable laws that promote the development of the Bitcoin ecosystem, at the time of offering adequate protection to users. To this end, the group will initially put the focus on Market structure and operations with Stablecoins. Based on this, the team has already started collaboration with legislators, in order to define possible regulations for digital assets. «The congressmen are very committed to advanceing legislation in the House of Representatives and the Senate this year to provide that clear regulatory framework that the ecosystem needs,» said the Tsar, indicating that he hopes that this goal is achieved in about six months. In this way he addressed some of his companions at the press conference, among which Tim Scott, president of the Senate Banking Committee; the representative French Hill, president of the Financial Services Committee of the House of Representatives; and Senator John Boozman, who heads the Senate Agriculture Committee.
Senator Tim Scott, representative French Hill and Senator John Boozman participated in the press conference of Tsar David Sacks. Source: US Senate Bank Committee. «I hope to work with each of you to create a golden era in digital assets,» Sacks told legislators. It is estimated, therefore, that congressmen start working as soon as possible in the proposal presented by Senator Bill Hagerty. This is a bill called Genius Act, through which it would be regulated Stablecoins issuance backed by US dollars. With this, this type of currencies are placed as one of the key points of the regulation. In order to accelerate the process, Republican legislators announced their plans to form a comprehensive bicameral working group, which Coordinate cryptocurrency legislation, In synchrony with Sacks and the White House. As part of the group's efforts, legislators mentioned FIT21, the project of cryptocurrency market structure that was approved in the Chamber last year with bipartisan support. In this regard, the president of Financial Services of the Chamber, Senator Hill, informed that the project would be taken into account, because «had the basics» to advance with the regulation. But a new market structure bill, which will be introduced in the coming monthsit will include «some modest changes» to the proposal, to be subject to debate as soon as possible. As Cryptonoticias reported, the FIT21 or HR 4763 bill, also known as the Innovation and Financial Technology Law for the 21st century, was the proposal for regulation for the Bitcoin sector that more advanced in Congress During the government of Joe Biden. The proposal stands out for including the definition of a series of terms that until now have been a reason for confusion and controversy in the US . The regulations designates the CFTC as the main regulatory body for cryptocurrencies, with more competences than the SEC. A situation that led to both organisms had differences in criteria in the past. It is then expected that now, with the coordinated work between the agencies, there is a delimitation of competences. Something that is moving forward by the working group that operates in the SEC and that is in charge of Commissioner Hester Peirce.
The SEC aligns with the White House
Under a new leadership, headed by interim president Mark Uyeda, the SEC published a statement entitled The Journey Begins (the trip begins). With this statement they intend to create more transparent regulations, eliminating «legal ambiguity and unnecessary obstacles.» Priorities include Clarify which cryptoactive are subject to values of securitiesdesign a path for Tokens emitters to obtain regulatory approval and ensure that compliance measures do not sofize innovation. The group will also examine cryptocurrency loans, staking, bags listed in the stock market and cross -border regulations. Peirce emphasized that, although the SEC aims to promote industry growth, will not tolerate fraud. Part of the work includes taking into account the public's opinion, so companies and individuals can send comments in writing or request meetings with the working group. With this they not only seek to align with the effort that Sacks makes from the White House, but They take a 180 degree turn Regarding the work that the agency had been developing under the leadership of former president Gary Gensler.
