President Donald Trump’s newly appointed crypto czar says the US will quickly overtake other countries’ digital asset industries.
In a new interview with Fox Business, US crypto czar David Sacks says Trump’s executive order seeking clear crypto guidelines will help the nation catch up with other countries like Singapore, which have previously adopted digital assets. embraced.
“We will catch up very quickly. The innovation started to move offshore, there are places in Singapore and even some places in Europe that were ahead of us, but now I think it’s going to change very quickly.
If you look at Silicon Valley and the tech industry in general, the US leads in almost every category, with crypto being one of the few exceptions. I believe this will be corrected very quickly because of President Trump’s executive order.”
Sacks identifies three key areas of the sector that he believes the government will look at to help build a clearer regulatory environment.
“Number one: market structure. We need to define what a security is, what a commodity is, what a digital asset or collectible is. There are a few different categories here, so defining the market structure is important.
The second area is stablecoins. I think stablecoins are a very interesting area. [They] Give us the opportunity to expand the dollar’s dominance internationally, then we can essentially create a digital dollar that people around the world will use.
And then the third area we’re going to look at, we’re evaluating this national stockpile for digital assets. We haven’t fixed it yet, but we’re going to study that problem.”
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