Blockchain | Wu Says Blockchain

Fox Business invited America's "Crypto Czar" David Sacks to discuss the latest executive order issued by Trump.

Fox Business invited America's "Crypto Czar" David Sacks to discuss the latest executive order issued by Trump. The executive order signed by President Trump aims to promote innovation in the U.S. crypto industry and artificial intelligence while establishing a clear regulatory framework. The main points include:

1. Crypto Industry Regulatory Reform: The Trump administration is committed to improving the regulatory environment for the crypto industry and promoting the U.S. as a global crypto hub. The executive order establishes a working group responsible for creating a clear market structure and classification of digital assets (such as securities, commodities, collectibles, etc.).

2. Stablecoins and Digital Dollar: The focus is on the innovation of stablecoins, promoting the international dominance of the dollar in the digital realm while avoiding the development of Central Bank Digital Currency (CBDC) to prevent potential threats to personal freedom.

3. Global Competition and Artificial Intelligence: The Trump administration plans to strengthen the development of artificial intelligence, proposing that the U.S. become the global center for AI, replacing the cumbersome regulations of the Biden administration.

4. Views on "Trump Coin": Trump Coin is seen as a digital collectible rather than a cryptocurrency, and does not constitute a conflict of interest.

In summary, Trump's executive order aims to drive innovation in the crypto and AI industries through clear regulatory policies, ensuring that the U.S. remains competitive in these frontier fields while protecting personal freedoms.

Appendix: In modern American politics, "czar" typically refers to a person appointed by the government who is responsible for providing advice and coordinating policies in a specific area, similar to "director," "commissioner," or "advisor."

The full text is as follows:

Edward: First, thank you for joining us, David. President Trump stated on July 27 that he would stop federal agencies from taking action against the crypto industry. Today, he seems to have fulfilled that promise, right?

David Sacks: Yes, that's correct. President Trump stated during his campaign that he wanted to be the "first crypto president." He mentioned in his speech in Nashville that he plans to change the regulatory environment for the crypto industry and make the U.S. the global center for the crypto industry. Today, he signed an executive order directing the working group to create a new regulatory framework to keep crypto innovation in the U.S., rather than driving the industry overseas as it did during the Biden administration.

Edward: We'll talk about that framework later. First, this executive order mentions a pause on what President Trump considers "over-enforcement actions and overreach." What specifically is he referring to?

David Sacks: Over the past four years, the Biden administration has essentially prosecuted and suppressed crypto companies, leading many to relocate overseas. I've heard many founders complain that the Biden administration never clearly told them what the rules were, yet they were prosecuted. What the industry needs most is regulatory clarity; founders just want to know what the rules are, and they will comply. However, the Biden administration never provided such clear guidance, which drove all innovation overseas and nearly caused the U.S. to lose this future technology. Now, President Trump has declared that the U.S. must become the global center for crypto, and these innovations should happen in America.

Edward: A working group has now been established, led by you. What are your main areas of focus? What kind of guidelines do you expect to release?

David Sacks: We have several main areas of focus. First is market structure. We need to clarify what constitutes a security, what is a commodity, and what are digital assets or collectibles. These all need clear definitions.

Next is stablecoins. I think stablecoins are a very interesting area; they can help us further expand the global dominance of the dollar. We have the opportunity to create a digital dollar that can be used globally. The third area we will explore is whether there is a need to establish a national digital asset reserve. This issue is still in the evaluation stage, and we have not made a final decision yet.

Edward: Regarding the digital asset reserve, you haven't decided whether to move forward, correct?

David Sacks: Yes, we are currently just evaluating this issue and have not decided whether to proceed.

Edward: Do you think crypto assets are assets or currency?

David Sacks: When it comes to digital assets, they can take many different forms. For example, some digital assets are securities, some are commodities, and others are collectibles like NFTs or meme coins. So, digital assets represent a very broad area of innovation. Because of this, we need a clear regulatory framework that defines each type. What founders need most are these clear rules; they need to know what they can do without facing unreasonable accusations due to unclear rules.

Edward: How far behind do you think the U.S. is in the crypto space compared to other countries? How quickly can this executive order help the U.S. catch up?