The White House’s Crypto Czar David Sacks says the Trump administration may provide regulatory clarity for digital assets within six months.
In a new discussion on the All-In Podcast, Sacks says the key thing for US regulators to look at when it comes to crypto is market structure, or defining the different assets within the digital asset ecosystem so that founders can build with more clarity.
[adinserter block="1"]“It’s called ‘market structure.’ What are the definitions going to be? Because digital assets can be many things.
Some digital assets are cryptocurrencies, they’re actually currencies. Then there are things that are crypto securities, then there are things that are commodities. Bitcoin is actually regulated as a commodity right now. And then you’ve got things that aren’t securities or commodities, they’re like collectibles, NFTs (non-fungible tokens), things like that.
So there’s all these different categories and one of the things that the market needs is just clarity around the definitions so that founders know what the rules of the road are and they can actually comply with them.
So giving them those definitions and describing how a crypto project could start, for example, as a security and eventually the protocol could become decentralized enough where maybe it becomes a commodity – that whole idea, that’s called market structure…”
Sacks says that with Republican control over the House, legislators are now more likely to establish firm crypto regulations that can stick, unlike previous bills that had little effect.
“I think there’s a pretty good chance we can get this done in the next six months.”
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