Trump crypto czar David Sacks says priority is stablecoin legislation

As David Sacks, the newly appointed White House AI and crypto czar, collaborates with lawmakers on potential regulations for digital assets, one of the first things they’ll be focused on is stablecoins.

“They are very committed to moving legislation through the House and the Senate this year in order to provide that clear regulatory framework that the digital assets ecosystem needs to sustain innovation in the United States,” Sacks said on CNBC’s “Closing Bell Over Time” on Tuesday. “Moving legislation through Congress takes time, but I think this is something we could do in the next six months.”

Earlier in the day, Sacks joined leaders of the House and Senate committees for banking and finance for a press conference to talk about their early objectives for crypto policy, with the help of the SEC. It was part of a busy day in Washington for regulators and key players on Capitol Hill and in Trump’s White House to announce next steps in their digital currency plans.

“I look forward to working with each of you in creating a golden age in digital assets,” Sacks said at the press event.

He was flanked by Sen. Tim Scott (R-S.C.), chairman of the Senate Banking committee, Rep. French Hill (R-Ark.), chair of the House Financial Services Committee, and Sen. John Boozman (R-Ark.), who heads the Senate Agriculture Committee.

The leaders said their first priority is supporting a stablecoin bill introduced by Sen. Bill Hagerty (R-Tenn.), who has proposed new rules for stablecoins to create a “clear regulatory framework” for their use. Stablecoins are a type of cryptocurrency whose value is pegged to a real-world asset, such as the U.S. dollar.

Stablecoins have been gaining popularity but mostly overseas. Lawmakers are now promoting U.S.-based stablecoin issuance, reinforcing the dollar’s dominance through digital finance. Supporters like Sacks say such a move could drive trillions of dollars in new demand for the dollar and help lower long-term interest rates.

Sacks on Tuesday told CNBC that a top agenda item for his new task force is evaluating “the feasibility of a bitcoin reserve,” an idea President Donald Trump suggested during his campaign. Sacks noted that the president asked his digital assets working group to study “whether it’s feasible to create either a bitcoin reserve or some sort of digital asset stockpile.” He clarified that they “haven’t committed yet to doing it, but it’s one of the first things” they’ll be considering.

Also on Tuesday, the SEC made a major shift in its approach to digital asset regulation. Under new leadership, the agency announced it would open its doors to meetings with anyone interested in discussing crypto, an effort to show a clear contrast to former SEC Chair Gary Gensler, who emerged as an antagonist to the industry.

SEC Commissioner Hester Peirce, now leading the agency’s newly established Crypto Task Force, published a statement titled The Journey Begins. She said the idea is to create more transparent and predictable regulations, removing legal ambiguity and unnecessary roadblocks.

“The Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives — including protecting investors — and preserves industry’s ability to offer products and services,” Peirce wrote.

Priorities include clarifying which crypto assets fall under securities laws, crafting a path for token issuers to gain regulatory approval and ensuring compliance measures don’t stifle innovation. The group will also examine crypto lending, staking, exchange-traded products, and cross-border regulations. Peirce stressed that while the SEC aims to foster industry growth, it will not tolerate fraud.

The SEC said it’s actively soliciting input from the public. Firms and individuals can submit written feedback or request meetings with the task force.

Tuesday’s press conference was the first major policy event led by Sacks, who was named to the post in December. While he lacks direct control over regulatory agencies or congressional funding, Sacks’ close ties to the White House and Elon Musk have positioned him as a key figure in the administration.

In June, Sacks, previously a Trump critic, hosted a fundraiser at his Pacific Heights mansion that raised $12 million for the Republican leader’s presidential campaign.

Sacks was in Washington, D.C., for the inauguration last month and attended the Crypto Ball, surrounded by industry leaders and policymakers. He declared at the event that, “The war on crypto is over.” During Trump’s first week in office, Sacks stood alongside the president in the Oval Office as he signed an executive order on digital assets.

WATCH: Bringing people from tech industry to Washington is a positive