- David Sacks emphasized that stablecoins could bolster U.S. dollar dominance through stricter reserve requirements.
- Senator Hagerty introduced the GENIUS Act to establish regulatory standards for stablecoins.
- Congress formed joint working groups and subcommittees to accelerate crypto policy development and coordination.
White House AI and crypto czar David Sacks, alongside key GOP lawmakers, laid out President Trump’s vision for strengthening America’s position in digital assets during a press conference.
Sacks emphasized the strategic role stablecoins—blockchain-based assets pegged to the U.S. dollar—could play in reinforcing global dollar dominance. Regulatory proposals suggest market participants may soon be required to hold reserves mainly in U.S. Treasury Bills to ensure stability and trust.
Stablecoin Regulation Takes Center Stage
On Feb. 4, Senator Bill Hagerty introduced the GENIUS Act, which aims to provide regulatory clarity for stablecoins, a critical component of crypto markets. Sacks confirmed that stablecoin oversight would be a top priority for the administration’s crypto task force.
Sacks also touched on Trump’s Bitcoin reserve proposal, saying the council is evaluating the feasibility of creating a strategic BTC reserve. The U.S. already holds roughly 207,000 BTC, acquired mostly through criminal seizures. Senator Cynthia Lummis is pushing a proposal to expand this reserve and grant the Treasury Department authority to hold Bitcoin directly.
Congress Strengthens Crypto Policy Coordination
Senate Banking Committee Chair Tim Scott, House Financial Services Chair French Hill, and other lawmakers present at the conference revealed that both chambers have formed joint working groups and subcommittees focused on digital assets. This collaboration marks a significant shift towards coordinated policymaking to foster U.S. leadership in crypto innovation and regulation.
Sacks, when asked about the possibility of a sovereign wealth fund holding cryptocurrencies, declined to provide details, suggesting that Commerce Secretary nominee Howard Lutnick would address those questions soon.
