"White House 'Crypto Czar' Endorses Bitcoin, Plans Legislation"

In a significant development, David Sacks, the White House's "Crypto Czar," has publicly endorsed Bitcoin as an "excellent store of value" in an interview with CNBC. Sacks, who is leading a government internal working group on cryptocurrencies, emphasized the importance of evaluating Bitcoin reserves and highlighted the digital currency's resilience against hacks.

Sacks also revealed plans to push for cryptocurrency legislation within the next six months, aiming to provide a clearer regulatory framework. This move comes as the U.S. Securities and Exchange Commission (SEC) is adjusting its regulatory approach to cryptocurrencies, reducing dedicated enforcement teams and reallocating related legal resources.

Regarding stablecoins, Sacks stated that the government hopes to promote their issuance domestically in the United States. This move is intended to enhance the dollar's international dominance and create additional demand for U.S. Treasury bonds.

The SEC has also announced the top ten priorities of its crypto working group, with the official launch of its website. The priorities include protecting investors, promoting innovation, and ensuring market integrity in the cryptocurrency space.

These developments highlight the growing recognition and acceptance of cryptocurrencies, particularly Bitcoin, by the U.S. government. As the regulatory landscape continues to evolve, investors and industry participants alike are watching closely to see how these changes will shape the future of the cryptocurrency market.