💡 Could Stablecoins Save the US Dollar? Trump’s Crypto Guru Spills the Beans!

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In a surprising turn of events, David Sacks, the self-proclaimed “crypto czar” of the Trump administration, unveiled his thoughts on how stablecoins could rescue the US dollar from its looming demise.

Gathered alongside fellow GOP officials, Sacks unveiled his vision for America’s digital asset future, stating that stablecoins, those fiat-pegged dollars gallivanting on blockchains, could be the answer to reinforcing the US dollar’s global dominance.

Meanwhile, on Capitol Hill, Tennessee Senator Bill Hagerty proposed the GENIUS Act, aiming to clarify the rules and establish standards for the critical crypto transactions sector.

When asked about Trump’s promise of a Bitcoin (BTC) reserve, Sacks revealed that exploring the “feasibility of a strategic BTC reserve” was a top priority for the crypto council. The US currently holds approximately 207,000 BTC, mostly confiscated from criminals.

As for the possibility of a US sovereign fund accumulating cryptocurrencies, Sacks remained tight-lipped, coyly suggesting that one should ask soon-to-be Commerce Secretary Howard Lutnick instead.

Stablecoins enter the Senate, as key committees mull broader policy

Senate Banking Committee Chair Tim Scott, House Financial Services Committee Chair French Hill, Senate Agriculture Committee Chair John Boozman, and House Agriculture Committee Chair G.T. Thompson joined Sacks at the press conference.

The four crypto-friendly lawmakers announced the formation of dedicated subcommittees for digital assets in their respective committees, signaling a new era of crypto policy development in Congress.

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2025-02-04 23:46