The Crypto & AI Czar has revealed plans to end persecution in the crypto industry with new take on strategic Bitcoin reserve.
The digital currency ecosystem witnessed a landmark press conference organized by Crypto & AI Czar David Sacks. Building on the promises of the Donald Trump administration, the press conference highlighted crypto’s pivotal role in the US economy and its strategic importance.
According to Sacks, the industry is coming off from the four years of arbitration prosecution and persecution of crypto companies. Under the Joe Biden administration, firms like Coinbase Global Inc, Kraken Exchange and Binance suffered legal hurdles.
While these firms face different legal challenges, the underlying concern remains the lack of clear regulations. For instance, the US Securities and Exchange Commission (SEC) under Gary Gensler sued Kraken over its staking services, yet the SEC itself has recently launched similar offerings.
This development complements the Galaxy Digital and BitGo offerings launched earlier this week. According to experts, Congress has not passed any new regulations to provide clarity in this area. Based on statements from the Press Conference, as reported by Coinspeaker, these regulatory trends are expected to shift under the current administration.
To emphasize the readiness to bring clarity to the market, Senator Bill Hagerty, who was also present at the conference, introduced a new Stablecoin Bill. With lobbying for bipartisan support, the expectation is that the Bill will pass and set a new path for stablecoin issuers.
As part of the provisions of the Bill, the role of States and Federal regulators in stablecoin administration will be clearly defined. With the stablecoin ecosystem valued at $227 billion, the expectations are that a clearer regulation will fuel more market optimism.
To recap the conference, David Sacks said there needs to be proper education for the masses to enable them understand the value of blockchain innovations.
This is a developing story; please check back for updates!!!
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
