The White House ‘Crypto Czar’, David Sacks, said that the Crypto working group that was founded by the executive command of President Donald Trump, the establishment of a Bitcoin (BTC) reserve evaluates as an early priority for administration.
However, in response to questions about the American sovereign power fund, Bitcoin also buys, Sacks said that this would be evaluated separately.
Sacks outlined the mandate of the working group, including cooperation with the Securities and Exchange Commission (SEC) to propose a federal regulatory framework for digital assets and stablecoins.
He said that the previous four years were characterized by regulatory uncertainty, which led to the offshoring of crypto -innovation. Sacks added that the Trump administration wants to reverse this trend by creating a structured regulatory environment that distinguishes conforming companies from fraudulent actors.
Senators Tim Scott, French Hill, John Boozman and representative Glenn Thompson also made statements during the press conference.
Boozman emphasized that the sec has jurisdiction on effects, while the Commodity Futures Trading Commission (CFTC) arranges goods. Thompson contextualized digital assets within technological evolution and describes them as part of Internet 3.0 – the ‘internet of value’.
Moreover, Scott stated that the aim is to adopt the Stablecoin legislation within the first 100 days of the administration, followed by broader market structure reforms.
Strengthening the US dollar
The bags again confirmed that the stablecoin legislation would be a priority that would refer its potential role in securing the position of the US dollar as the reserve currency of the world.
Almost simultaneously with the press conference, Senator Bill Hagerty introduced the clarity for payment stablecoins act from 2024 Draft. This bill aims to set up a federal regulatory framework for payment with stablecoins in the US.
The bill defines regulatory standards for issuing and managing payment staboins, so that they are supported by reserves and works within a structured legal environment. It Contours that companies must have a license as “permitted payment staboin expenditure” to make stablecoins in the US.
These issuers include subsidiaries from insured storage institutions, federally qualified non-bank payment stablecoin emitting regulated by the office of the competent of the currency, and by the state qualified payment of Stablecoin expenditure regulated by financial authorities of the State.
The bill is mandatory that Stablecoin -Emitents maintain a 1: 1 spare hike using American currency, deposits, treasury securities and other liquid assets. Publishing issues must also provide monthly public disclosures on reserve compositions and undergo independent audits.
In addition, the legislation prohibits the rehypothecation of reserves and requires compliance with anti-money laundering practices under the Bank Secrecy Act. The bill establishes a two -year moratorium on algorithmic stablecoins and gives up the Ministry of Finance to study their risks and benefits.
It also calls for the development of interoperability standards for Stablecoins and encourages mutual agreements with international jurisdictions with comparable regulatory frameworks. The legislation explicitly releases payment staboins to be classified as effects under the federal securities laws.
With this, Stablecoin-EMENDENTEN market capitalizations can also choose below $ 10 billion to opt for regulations at state level. Once the threshold has been exceeded, a transition to federal supervision is required.
The account contains provisions for customer protection, such as the demand of preservators to separate customer assets and to adhere to operational and reporting standards. If established, the legislation would offer regulatory clarity for Stablecoin -Emitents, strengthen the role of US dollars in global financing and promote compliance and supervision within the digital assets sector.
Sec crypto task Force
The press conference and the bill come in the midst of important legal developments for the industry in the SEC, which officially launched its first crypto task force
The Task Force will be led by Commissioner Hester Peirce, who is generally known as “Crypto Mom” for her vocal attitude on regulating industry.
Peirce compared the earlier regulatory approach to the sec compared to digital assets with an uncertain road trip characterized by legal ambiguity and enforcement -driven actions. She added that the Task Force wants to develop a regulatory framework that keeps the protection of investors in balance with industry innovation.
Peirce emphasized that the sec dealing with crypto has been inconsistent in the past decade, which led to continuous lawsuits and uncertainty among market participants. The Task Force will work between regulatory authorities and with the congress to define clear rules.
She also acknowledged that the clarity of the regulations will take time and encourage public involvement to shape policy decisions.
The SEC Crypto Task Force will focus on defining the security status of crypto -assets, revising frameworks for token offers, changing registration paths and exploring guardianship solutions for investment advisers.
Other areas of interest include crypto loans, design programs and products traded with exchange. Finally, the Task Force will also investigate potential cross -border cooperation in the field of regulation.
