"Bitcoin Praised by US Crypto Czar, SEC Shifts Stance"

US Crypto Czar David Sacks has praised bitcoin as an "excellent store of value," highlighting its resilience and security. In an interview with CNBC, Sacks, who serves as the crypto czar under the Trump administration, emphasized the importance of evaluating a potential bitcoin reserve as a top priority for the administration's internal working group.

Sacks also expressed his support for greater clarity in regulating cryptocurrencies, stating that the Trump administration is committed to moving legislation through the House and Senate this year to provide a clear regulatory framework for the digital assets ecosystem. This move aligns with Trump's pro-crypto policies during his election campaign, including the establishment of a crypto working group to draft new regulations for crypto assets.

The US Securities and Exchange Commission (SEC) has also made significant shifts in its approach to cryptocurrencies. The agency has created a crypto task force to distinguish which cryptocurrencies are securities, marking a departure from its previous "regulation by enforcement" approach under former chair Gary Gensler. Additionally, the SEC is scaling back its special unit for crypto enforcement actions, relocating some of its lawyers to other departments within the agency.

Sacks also mentioned the administration's interest in promoting stablecoin innovation in the US, aiming to bring this development back onshore. He believes that stablecoins could extend the dollar's dominance internationally and create trillions of dollars in new demand for US Treasuries.

Despite the positive developments, bitcoin's price fell 2.8% to $98,052, struggling to recover from China's retaliatory announcement in response to Trump's tariff proclamation.