Why is Trump's Crypto Czar Silent on Bitcoin Reserves? Explore the Latest Developments

The Trump administration is currently engaged in various cryptocurrency initiatives, yet there has been no official word on the much-anticipated Bitcoin reserve. At a recent press conference, David Sacks, the White House’s cryptocurrency director, discussed the U.S. digital asset strategy but did not provide any concrete plans for accumulating Bitcoin. Instead, he indicated that the team would assess the viability of a Bitcoin reserve.

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Meanwhile, Bitcoin, the leading cryptocurrency, experienced a decline, dropping over 2% in just one hour to hover around $98,000. During the conference, Sacks outlined a comprehensive pro-crypto agenda, mentioning the formation of a joint working group by the U.S. House of Representatives and Senate aimed at advancing cryptocurrency legislation. He expressed a desire for the United States to evolve into a global crypto hub.

“I look forward to working with each of you in creating a golden age in digital assets,” Sacks stated.

SEC Launches Its Crypto Task Force Website

The Securities and Exchange Commission (SEC) has launched its Crypto Task Force website, with Hester Peirce, known as “Crypto Mom,” at the helm. This team will focus on proposing potential regulations for the cryptocurrency sector and evaluating a national cryptocurrency stockpile.

A New Stablecoin Bill is on the Table

In related news, Republican Senator Bill Hagerty from Tennessee has introduced a new bill aimed at regulating stablecoins. The proposed legislation seeks to create a U.S. regulatory framework for issuing dollar-denominated tokens, with Hagerty supported by Senate Banking Committee Chairman Tim Scott and Cynthia Lummis, head of the Digital Assets Subcommittee.