David Sacks, appointed by President Donald Trump as an advisor on cryptocurrencies and artificial intelligence, on February 4, held press conference in Washington, D.C., where he outlined future plans for the development of digital assets in the United States. The so-called crypto czar emphasized the importance of ensuring America’s dominance in the digital asset space and looks forward to working with Congress to «create a golden age of digital assets».
Sachs announced the creation of a joint working group between the House of Representatives and the Senate to promote cryptocurrency legislation. The priority areas will be the regulation of stablecoins and the structure of the digital asset market.
He also emphasized that cryptocurrencies, in particular bitcoin, can play an important role as a hedge against inflation and preservation of value. Sachs noted that bitcoin is the first digital currency that has never been hacked, making it a reliable means of preserving value.
However, the press conference did not address the most important issue that everyone expected. Sachs made no mention of plans to creation of the US national crypto reserve. Sachs noted that the team is evaluating the feasibility of such a reserve, but the details have not yet been disclosed.
Due to the lack of information about the crypto reserve and the purchase of bitcoins for it, the price of digital gold fell by more than 2% in just an hour, hovering around $98 thousand.
American entrepreneur, venture capitalist, and technology magnate David Sacks is known as one of the members of the PayPal Mafia — a group of founders and early employees of PayPal who later became influential figures in the technology industry.