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Homepage > News > Finance > Crypto czar David Sacks, new stablecoin bill fail to ignite BTC America’s new Crypto Czar’s first press conference stressed new digital asset legislation while dampening expectations of a strategic BTC boondoggle. Sadly (but predictably), Sacks’ presser was a major letdown, serving more as a very rough blueprint for Congressional plans to advance digital asset legislation, with the initial focus squarely on stablecoins. Earlier Tuesday, Sen. Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, a bill that aims to establish “a safe and pro-growth regulatory framework” for stablecoins. (More on this below.) Sacks claimed clear stablecoin rules have the potential to ensure U.S. dollar dominance internationally, increase the dollar’s digital use as the world’s reserve currency, and create “trillions of dollars” in new demand for U.S. Treasury bills. Of course, technically speaking, your humble scribe has the potential to become Mr. Olympia one day, although my Vegas odds aren’t looking great at the moment. Having served up this nothingburger, Sacks turned over control of the grill to Sen. Tim Scott (R-SC), the new chair of the Senate Banking Committee; Rep. French Hill (R-AR), chair of the House of Representatives Financial Services Committee; Sen. John Boozman (R-AR), chair of the Senate Agriculture Committee; and Rep. GT Thompson (R-PA), chair of the House Ag Committee. The four pols discussed their shared conviction for passing stablecoin and market structure legislation—similar to last year’s FIT 21 bill—in the current session. They offered no timelines, although Scott obliquely referenced the importance of the first 100 days of any new administration. Both Scott and Hill stated the need to educate newly elected members on the finer points of digital asset technology. The four chairs also revealed that their respective committees would form a bicameral…

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Filed under: News - @ February 5, 2025 12:21 pm