Bitcoin: The White House’s Focus on Its Value and Future Regulatory Framework

In a recent interview with CNBC, White House “Crypto Czar” David Sacks expressed strong support for Bitcoin, describing it as an excellent store of value. He revealed that among the priorities of a government working group is the thorough evaluation of Bitcoin reserves. Sacks underscored Bitcoin’s reputation as the earliest and most resilient digital currency, highlighting its history of security against hacking incidents. Furthermore, after discussions with leaders from the Congressional Banking and Financial Committee, Sacks anticipates new cryptocurrency legislation within the next six months aimed at establishing a more refined regulatory framework. Meanwhile, the U.S. SEC is pivoting its approach by scaling back specific enforcement teams for cryptocurrencies and reallocating legal resources. He also noted that the government intends to bolster stablecoin issuance in the U.S., which is expected to fortify the dollar’s position on the global stage and stimulate demand for U.S. Treasury bonds.