Assessing the bitcoin reserve is a primary task for the Digital Asset Markets Working Group, according to David Sacks, special advisor to Donald Trump on AI and cryptocurrencies and head of the group.
The creation of a national bitcoin reserve was among the campaign promises of the U.S. President.
Sacks described the asset as an “excellent store of value.”
“It is the strongest digital currency. […] No one has breached its security,” he explained.
The official highlighted the interest of members of the House and Senate banking and financial committees in establishing a regulatory framework for cryptocurrencies “within the next six months.” Initially, the focus will be on stablecoin legislation, he added.
Senator Bill Hagerty introduced a proposal for oversight of stablecoin issuers, dividing regulation between state agencies and the Federal Reserve and the OCC under the U.S. Treasury.
At a joint press conference with Sacks, House Financial Services Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Senate Agriculture Committee Chair John Boozman pledged to revisit the Financial Innovation and Technology Act (FIT21).
“We want to keep innovation in the U.S. Financial assets are destined to become digital, just like all analog industries,” stated Sacks.
As reported by Sygnum, they stated that the approval of a favorable regulatory framework by the U.S. Congress will determine the dynamics of altcoins.
Earlier, the SEC rescinded the SAB 121 rule. The document effectively prohibited banks from holding digital assets.