{"id":20914,"date":"2025-02-05T10:37:29","date_gmt":"2025-02-05T08:37:29","guid":{"rendered":"https:\/\/forklog.com\/en\/david-sacks-prioritizes-bitcoin-reserve-assessment\/"},"modified":"2025-02-05T10:37:29","modified_gmt":"2025-02-05T08:37:29","slug":"david-sacks-prioritizes-bitcoin-reserve-assessment","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/david-sacks-prioritizes-bitcoin-reserve-assessment\/","title":{"rendered":"David Sacks Prioritizes Bitcoin Reserve Assessment"},"content":{"rendered":"<p>Assessing the bitcoin reserve is a primary task for the<a href=\"https:\/\/forklog.com\/en\/news\/white-house-working-group-to-assess-a-national-crypto-reserve\"> Digital Asset Markets Working Group<\/a>, according to David Sacks, special advisor to Donald Trump on AI and cryptocurrencies and head of the group.<\/p>\n<p><iframe width=560 height=349 src=https:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&#038;byGuid=7000365630 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ><\/iframe><\/p>\n<p>The creation of a national bitcoin reserve was among the<a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-becomes-47th-president-of-the-united-states-implications-for-the-crypto-industry\"> campaign promises<\/a> of the U.S. President.<\/p>\n<p>Sacks described the asset as an &#8220;excellent store of value.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;It is the strongest digital currency. [&#8230;] No one has breached its security,&#8221;<\/em> he explained.<\/p>\n<\/blockquote>\n<p>The official highlighted the interest of members of the House and Senate banking and financial committees in establishing a regulatory framework for cryptocurrencies &#8220;within the next six months.&#8221; Initially, the focus will be on stablecoin legislation, he added.<\/p>\n<p>Senator Bill Hagerty<a href=\"https:\/\/www.lummis.senate.gov\/wp-content\/uploads\/GENIUS-Act_.pdf\"> introduced<\/a> a proposal for oversight of stablecoin issuers, dividing regulation between state agencies and the <span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">Federal Reserve<\/span> and the <span data-descr=\"Office of the Comptroller of the Currency\" class=\"old_tooltip\">OCC<\/span> under the U.S. Treasury.<\/p>\n<p>At a joint<a href=\"https:\/\/www.coindesk.com\/policy\/2025\/02\/04\/trump-s-crypto-czar-sacks-says\"> press conference<\/a> 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).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We want to keep innovation in the U.S. Financial assets are destined to become digital, just like all analog industries,&#8221;<\/em> stated Sacks.<\/p>\n<\/blockquote>\n<p>As reported by Sygnum, <a href=\"https:\/\/forklog.com\/en\/news\/sygnum-institutional-inflows-to-btc-etfs-boost-bitcoin-by-3-6-per-1-billion\">they stated<\/a> that the approval of a favorable regulatory framework by the U.S. Congress will determine the dynamics of altcoins. <\/p>\n<p>Earlier, the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/sec-lifts-ban-on-banks-holding-cryptocurrencies\">rescinded<\/a> the <span data-descr=\"Staff Accounting Bulletin 121\" class=\"old_tooltip\">SAB<\/span> 121 rule. The document effectively prohibited banks from holding digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1641,36,807,1230,26],"class_list":["post-20914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-reserves","tag-regulation","tag-stablecoins","tag-us-congress","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"55","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20914"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20913"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}