David Sacks Pushes Bitcoin Reserve, Stablecoin Bill in Crypto Plan

David Sacks Pushes Bitcoin Reserve, Stablecoin Bill in Crypto Plan

David Sacks, the White House's AI and crypto advisor, has been actively promoting a plan to establish a national Bitcoin reserve and regulate stablecoins. In a recent press conference, Sacks outlined the Trump administration's 100-day crypto plan, which includes the creation of a Digital Asset Task Force to develop a regulatory framework for cryptocurrencies. Sacks emphasized the importance of clear guidelines to prevent U.S. crypto companies from moving offshore.

Sacks also highlighted the potential benefits of stablecoins, stating that they could increase the dollar's dominance in international transactions and help the U.S. government finance its debt. He noted that stablecoins are already in use but mostly operate outside of U.S. regulations. The administration aims to bring this activity "onshore" by allowing the issuance of stablecoins in the U.S.

In addition to Sacks' efforts, several U.S. states have introduced bills to establish Bitcoin reserves. Utah, Arizona, and Illinois have all proposed legislation that would allow their state treasurers to invest in digital assets, including Bitcoin. The Czech Republic's central bank has also announced plans to invest up to 5% of its €140 billion reserves in Bitcoin.

Meanwhile, Hong Kong Legislative Councilor Wu Chi-wai has proposed investigating the feasibility of Bitcoin as a strategic reserve asset for Hong Kong. He also suggested expanding the operational scope for approved stablecoin enterprises and establishing a dedicated Digital Asset Office to promote AI and cryptocurrency development in the region.

Senator Bill Hagerty has introduced a bill to create a regulatory framework for stablecoins, aiming to balance state and federal oversight. The bill, known as the GENIUS Act, defines a payment stablecoin as a digital asset used for payments or settlements, pegged to a fixed value. It requires these stablecoins to be backed by U.S. currency, insured demand deposits, Treasury bills, and other approved assets.

The Trump administration's pro-crypto policies and legislative efforts signal a major transformation in the regulatory environment for cryptocurrencies. However, these positive developments do not reflect overall market sentiment, as Bitcoin and altcoins continue to struggle due to geopolitical tensions and recent tariff announcements.