David Sax held a crypto conference

“Cryptosar” David Sax held a press conference with the leaders of the Senate. During his speech, he outlined the priorities of the administration.

We tell you what David Sax said and what to expect participants in the crypto community from American regulators in the near future.

David Saxi Press Conference on Cryptopolitics

Since Donald Trump appointed David Saxy the first “Crypto -Service”, it was not clear what role he would play in federal politics. He advocated the cessation of the debanking of crypto projects and the crossing of NFT and some memcoids to collectible objects. But those few initiatives that were known did not allow the market participants to understand in which direction the SACS would move. The press conference allowed to clarify its priorities.

At a press conference, Sachs specified his plans in an interview with Senator Tim Scott. According to the “crypto-core”, the number one priority for the recently created working group on digital assets is an assessment of plans for the formation of a bitcoin reserve in the United States. Sachs emphasized that this initiative of Trump remains one of the main on the agenda.

“Cryptosar” specified that so far the Trump administration is only engaged in the assessment of the idea. It is too early to talk about the formation of bitcoin reserve in the United States. BTC reacted to the statement with another subsidiary under $ 100,000.

Meanwhile, 15 states of the United States have already considered options for adopting bitcoin as a strategic backup asset.

Another main task for Sax and the US Securities and Exchange Commission (SEC) will be the formation of transparent crypto regulation rules. He noted that the absence of clarity forces crypto companies to turn off business in America and leave for other countries. The problems of regulation, in his opinion, including the FTX crypto -rhines led to the collapse.

One of the first steps to achieve the goal was the formation of a group in the SEC, which will solve the issue of assessing the status of cryptocurrencies.

Stebblecoins will bring under fit21

According to the Sax and other leaders of the House of Representatives, the regulation of stablecoins will become a priority bill in the 119th Congress. Although stabiblcoins are a key element of cryptocurrency, for them there is still no full legal framework.

French Hill, Chairman of the Committee on Financial Services of the House of Representatives, said that the new legislation will transfer stabilcoins to *Fit21 structure. Recall that the concept met serious resistance under Bayden.

*Fit21 is an proposed US legislative structure to regulate cryptocurrency markets. And CT is designed to create clear rules for the crypto industry and eliminate spaces in regulation between agencies such as SEC and CFTC.

The translation of stabiblcoins into a structure similar to Fit21 will ensure regulatory certainty that it will simplify the work of issuers in the legal field and will allow institutions to confidently use “stable coins”.

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