"Bitcoin Reserve: Crypto King David Sacks Pushes for US Regulation"

"Crypto King" David Sacks has prioritized the evaluation of creating a Bitcoin reserve, according to recent developments in the cryptocurrency landscape. As a special advisor to former US President Donald Trump on AI and cryptocurrencies, and the head of the working group on digital asset markets, Sacks emphasized the importance of this task for his team.

Sacks, who is also known for his role in the creation of PayPal, has expressed his belief in Bitcoin's potential as an excellent store of value. He highlighted its strength as the most secure digital currency, noting that it has not been successfully hacked to date.

The interest in cryptocurrency regulation has been growing among members of the House and Senate banking and financial committees. Sacks expects a regulatory framework for cryptocurrencies to be established within the next six months, with a primary focus on stablecoin legislation. This comes as Senator Bill Hagerty introduced a project to establish oversight of stablecoin issuers, dividing regulation between state agencies and the Federal Reserve with the OCC under the US Treasury.

At a joint press conference, the chairmen of the House Financial Services Committee, French Hill, House Agriculture Committee, Glenn Thompson, and Senate Agriculture Committee, John Boozman, promised to revisit the Financial Innovation and Technology Act (FIT21). Sacks stated that the goal is to keep financial innovation in the US, as financial assets are destined to become digital, like all analog industries.

Sygnum, a digital asset bank, has previously stated that the approval of a favorable regulatory framework by the US Congress would determine the dynamics of altcoins. Earlier, the SECrepealedRule SAB 121, which effectively prohibited banks from storing digital assets, was revoked.