Bitcoin Plunges Below $97K After Sacks' Press Conference

Generated by AI AgentCoin World
Tuesday, Feb 4, 2025 8:02 pm ET1min read
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Bitcoin Extends Losses to Below $97K Following David Sacks Press Conference

Bitcoin prices extended their losses on Tuesday, falling below the $97,000 mark following a press conference by David Sacks, the U.S. Crypto Czar. The cryptocurrency has been on a downward trend since reaching an all-time high of $68,783 in November 2021.

During the press conference, Sacks outlined the administration's priorities, including stablecoin legislation and a Bitcoin Reserve. He also spoke against Operation Choke Point 2.0 and specified that unclear regulations created a chilling effect and disproportionate anti-crypto harassment.

Sacks emphasized that President Trump's top priority is to work towards a national Bitcoin reserve. He also mentioned that 15 U.S. states are in the process of adopting Bitcoin as a strategic reserve asset.

Another main priority for Sacks and the SEC would be to establish regulatory clarity. He mentioned how lack of clarity drove several crypto firms offshore. The Crypto Czar thinks this was the primary reason why FTX was able to carry out the biggest fraud in history.

“The SEC wouldn’t tell founders what the rules were, and then would prosecute them. Many founders told me personally that they were debanked just because founding a crypto company,” Sacks claimed.

In other words, he focused on regulatory clarity as a foundational issue underneath the debanking problem.

Stablecoin To Be Moved Under the FIT21 Legislation

According to Sacks and other House leaders, stablecoin regulation will be a top-priority bill in the 119th Congress. Although stablecoins are, US.

French Hill, Chairman of the House Financial Services Committee, claimed new legislation would move stablecoin into a FIT21 structure. This concept faced severe opposition under President Biden.

“In the 119th Congress, we have a bicameral project for both a stablecoins bill and a regulatory framework that will bring clarity to digital assets in the United States,” said Chairman Hill.

FIT21 is a proposed US legislative framework for regulating crypto markets. This act is designed to create clear rules for the crypto industry, particularly addressing regulatory gaps between agencies like the SEC and CFTC