The post David Sacks says banks and crypto will merge into one industry appeared on BitcoinEthereumNews.com.

The White House AI and Crypto Czar, David Sacks, shared his belief that a point will come when banks and crypto firms will join forces to form a single digital asset industry. According to him, this move will be observed as soon as the long-awaited market structure bill receives a go-ahead from Congress. Sacks released this statement during an interview on CNBC’s Squawk Box. Notably, this interview coincided with the World Economic Forum (WEF) in Davos, Switzerland, which was held on Wednesday, January 21.  Sacks’ comments come as banks have launched a last-minute lobbying push to protect their margins and limit competition by blocking crypto from replicating their business model. They are attempting to insert new language into the Clarity Act, stablecoin legislation that the crypto industry has supported for months, to close this potential loophole. In its final lobbying disclosure for 2025, the American Bankers Association—the main trade group for the banking industry—reported spending over $2 million, including efforts related to the Clarity Act. Sacks argued that the crypto industry should support the CLARITY Act to be approved soon  Following Sacks’ remarks, reporters reached out to the US official to request a comment on the progress of the proposed CLARITY Act, which has been postponed amid heated debate over whether it is wise to allow stablecoin issuers to provide yield. In response to this request, the crypto leader began by admitting that the ongoing debate is stalling the legislation. Afterwards, Sacks called on lawmakers, banks, and crypto companies to find common ground to pass the market structure bill and send it to US President Donald Trump for a signature to become law. However, he pointed out that he was not shocked to see the bill facing hardships, arguing that the GENIUS Act also encountered several challenges but later became…

---

Filed under: News - @ January 22, 2026 3:26 am