Today, David Sacks, the White House Crypto and AI Czar, led a joint press conference with key congressional leaders, outlining a bipartisan roadmap for digital asset legislation. The administration’s executive order on crypto tasks Sacks with leading a new federal working group of financial regulators tasked with establishing a clear framework for U.S. digital assets and their issuers.

Additionally, House and Senate leaders announced a bicameral working group to advance crypto legislation, reinforcing a coordinated legislative push across key committees. Senate Banking Chair Tim Scott, House Financial Services Chair French Hill, House Agriculture Chair Glenn “GT” Thompson, and Senate Agriculture Chair John Boozman joined Sacks in reaffirming their commitment to fostering onshore crypto innovation and addressing regulatory clarity.

We’ll continuing to engage with all of the stakeholders to move clear policies on behalf of our membership. If you have any questions, please do not hesitate to reach out. 

Key Takeaways:

1. Bicameral Legislative Working Group Announced

  • A collaboration between the Senate Banking, Senate Agriculture, House Agriculture, and House Financial Services Committees will drive forward crypto and stablecoin legislation.

2. Stablecoin Legislation is the First Priority

  • Senator Bill Hagerty (R-TN) introduced a stablecoin bill, designed to split oversight between state and federal regulators, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC).
  • Senate Banking Chair Tim Scott (R-SC) confirmed that stablecoin regulation will be addressed first, emphasizing the importance of resolving key disagreements in the legislative process.
    • Scott: “Finding the places where there are disagreements will be the key for us in getting it to the President’s desk.”
  • TDC experts are currently reviewing the text and will share analysis and insights shortly

3. House and Senate Coordination on Market Structure Legislation

  • Hill: “We’re proposing we’ll move stablecoins and FIT21 on a similar track.”
  • Lawmakers plan to build on the progress made in the 118th Congress, ensuring that both stablecoin and market structure bills incorporate input from both parties.
  • The FIT21 framework—passed by the House last year—will serve as a foundation for market structure legislation, ensuring a comprehensive regulatory approach to digital assets.

4. U.S. Digital Asset Leadership & Economic Impact

  • Sacks emphasized that financial assets are destined to become digital, and ensuring U.S. dominance in the sector will strengthen the dollar’s global standing.
  • Stablecoins are seen as a key tool for maintaining dollar supremacy, increasing international dollar usage, and potentially driving trillions in demand for U.S. Treasuries, helping to lower long-term interest rates.
    • Sacks: “We want value creation to happen in the U.S. rather than giving it away to other countries.”

5. Bitcoin Reserve Feasibility Under Review 

  • David Sacks, as crypto and AI czar, revealed that the administration is exploring the feasibility of a U.S. Bitcoin reserve.
  • However, progress is still in the early stages, as some Presidential Working Group members on Digital Assets have yet to be confirmed.