"Sacks Outlines Crypto Agenda, Bitcoin Slips Below $99K"

David Sacks Event Concludes, Bitcoin Falls Below $99,000

David Sacks, the newly appointed Crypto Czar, held a press conference today to outline the administration's priorities for the crypto industry. Among the key topics discussed were stablecoin legislation, regulatory clarity, and the potential creation of a national Bitcoin reserve.

Sacks emphasized the need for regulatory clarity, stating that the lack of clear rules has driven several crypto firms offshore and contributed to the collapse of FTX, the largest fraud in history. He proposed moving stablecoins under the FIT21 framework, which would provide regulatory certainty and make it easier for issuers to operate legally and for institutions to adopt them confidently.

Sacks also mentioned the potential economic benefits of well-regulated stablecoins, stating that they could generate trillions of dollars worth of demands for U.S. treasuries, which could lead to diminished long-term interest rates.

During the press conference, Sacks was joined by several key Senate Committee leaders, including Bill Hagerty and Tim Scott, demonstrating a commitment to building a broad coalition with a progressive approach to U.S. crypto regulation.

Following the press conference, Bitcoin fell below $99,000, extending its losses from earlier in the day. The rally in Bitcoin and other cryptocurrencies from the weekend's tariff-induced panic has proven to be short-lived, with much of the altcoin sector also experiencing significant declines.

The start of today's late tumble appeared to coincide with the crypto-related press conference held by David Sacks. Hopes that the press conference would center on the chances of a strategic Bitcoin reserve were dashed as the discussion centered almost exclusively on regulatory matters and platitudes.

Bitcoin did get a mention at the end of the press conference, when — in response to a question — Sacks said that a White House working group on crypto is looking into the feasibility of a strategic Bitcoin reserve. Asked if yesterday's executive order on the creation of a sovereign wealth fund meant something for Bitcoin, Sacks deferred, saying that's a question for Commerce Secretary nominee Howard Lutnick (who, along with Treasury Secretary Scott Bessent will be spearheading the SWF).

For now, it appears that Bitcoin could be setting up for a retest of its Sunday evening low below the $92,000 level. Possibly