‘Crypto Czar’ Sacks Says Potential Bitcoin Reserve To Be One Of Crypto Committee’s First Priorities

President Donald Trump’s newly appointed “Crypto Czar” David Sacks on Tuesday announced the formation of a bipartisan, bicameral committee to establish a clear regulatory framework for the digital asset industry.

Sacks further stated one of the first priorities of the committee would be to ascertain the feasibility of a Bitcoin (CRYPTO: BTC) reserve.

What Happened: “One of the things the president instructed us to do was to evaluate the idea for a Bitcoin reserve. So it is one of the first things we are going to look at as part of the internal working group at the administration. We are still waiting for sub cabinet secretaries on the working group to get confirmed,” he said at a press conference alongside Senate and House leaders.

“We want that value creation to happen in the United States rather than giving it away to other countries,” Sacks stated.

His comments highlighted the need to reverse years of regulatory uncertainty that has driven crypto innovation offshore. He pointed to arbitrary enforcement actions, lack of clear guidance and debanking of crypto founders as factors pushing technological advancements outside U.S. borders.

Sacks argued that keeping crypto innovation domestic would not only drive economic growth …

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