The "Crypto Tsar" of the United States talks about the first cryptocurrency executive order, Bitcoin reserves, and Trump Coin

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, pushing to make the U.S. 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 innovation in 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, not constituting 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.

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

Full text 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 center of the global 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 pushing the industry overseas as it did during the Biden administration.

Edward: We'll talk about that framework later. First, the 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 move 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 under your leadership. What areas are you primarily focusing on? What kind of guidelines do you expect to release?

David Sacks: There are several main areas we are focusing on. 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.

Secondly, stablecoins. I think stablecoins are a very interesting area that can help us further extend 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 question is still in the evaluation stage, and we have not yet made a final decision.

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

David Sacks: Correct, 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 on 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 ambiguous regulations.

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?

David Sacks: We will catch up quickly. Although innovation has begun to flow to Singapore and some European countries, I believe the U.S. will swiftly reverse this trend. Look at Silicon Valley and the entire tech industry; the U.S. is almost leading in every field, with crypto being one of the few exceptions. And now, President Trump's executive order will undoubtedly change this situation.

Edward: Regarding "Trump Coin," it started before the president took office. Are you concerned that this could create a conflict of interest?

David Sacks: I don't think there is any conflict. "Trump Coin" is actually a collectible, just like baseball cards or stamps. People buy it to commemorate certain events. So that's my personal view; I'm not a regulator, but I think there is absolutely nothing wrong with it.

Edward: This executive order also prohibits the government from developing a central bank digital currency (CBDC). Why was this decision made?

David Sacks: Central bank digital currency poses a huge threat to freedom and privacy. A CBDC means a digital currency controlled by the Federal Reserve, which could gradually replace cash and record everyone's transactions. This would not only make every transaction transparent but could also trigger new laws and controls that limit people's freedom to spend. There is a lot of concern that this could become a "1984-style" regulatory model, and no one wants to go down that road. We believe we can create something similar to a digital dollar through stablecoins without going down the CBDC path Edward: But could the government's digital currency compete with Bitcoin? Is this one of the reasons for your decision?

David Sacks: Any government can create a stablecoin, but the dollar is already the global reserve currency, so I'm not worried about that competition. I think we should further expand the dollar's dominance in the digital space and push it into the global online market. This could not only create huge demand for U.S. Treasury bonds but also help support our finances while lowering long-term interest rates.

Edward: David, one last question. You are still the head of the artificial intelligence sector. The recent executive order positions the U.S. as a global center for artificial intelligence. What does this mean for the future?

David Sacks: As President Trump said today, we want the U.S. to be a global leader in both artificial intelligence and cryptocurrency. Both are frontier technologies that are crucial for the future. The Biden administration previously issued an executive order that was over a hundred pages long, which was too cumbersome and received strong feedback from the industry. President Trump promised to rescind that executive order and replace it with a more efficient policy, and he has fulfilled that promise today.

Edward: Well, it seems there will be many changes ahead. David Sacks, thank you for your insights.

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