Crypto Czar David Sacks Says USA To Catch Up ‘Really Fast’ to Rest of World’s Digital Asset Industries

President Donald Trump’s newly-appointed crypto czar says the US will quickly catch up to other countries’ digital asset industries.

In a new interview with Fox Business, US Crypto Czar David Sacks says that Trump’s executive order seeking clear crypto guidelines will help the nation catch up to other countries, such as Singapore, that embraced digital assets earlier.

“We’re going to catch up really fast. The innovation was starting to move offshore, there are places in Singapore and even some places in Europe that were ahead of us, but now I think it’s going to change very fast.

If you look at Silicon Valley and the technology industry in general, the US leads in virtually every category, with crypto being one of the few exceptions and I think that’s going to be very quickly rectified because of President Trump’s executive order.”

Sacks names three key areas of the industry that he says the government will look at to help build a clearer regulatory environment.

“Number one – market structure. We need to define what is a security, what is a commodity, what is a digital asset or collectible. There are a few different categories here, so defining the market structure is important.

Second area is stablecoins. I think stablecoins are a really interesting area. [They] give us the opportunity to extend the dollar’s dominance internationally, we can basically create a digital dollar that people all over the world will use.

And then the third area we’re going to look at us we’re evaluating this national stockpile for digital assets. We haven’t created it yet but we’re going to study that issue.”

 

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