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President Trump’s cryptocurrency czar, David Sacks, praised the president’s new executive order clarifying industry regulations, calling it a step toward making the U.S. the “crypto capital” of the world.
In an interview with FOX Business, Sacks criticized the Biden administration for stifling the industry and celebrated Trump’s commitment to supporting crypto innovation. Sacks stated that Trump’s crypto executive order tasks his working group with creating a regulatory framework to promote innovation and keep the crypto industry in the U.S. rather than pushing it overseas.
“For the last four years, the Biden administration has basically prosecuted and persecuted crypto companies, really driving them offshore,” Sacks told host Edward Lawrence. “I’ve heard so many outrageous stories by founders, by entrepreneurs, the Biden administration would not tell them what the rules of the road were, and they would then get prosecuted. And what the industry wants more than anything else is regulatory clarity.”
Sacks added: “They’re saying, just tell us what the rules are. We will abide by them. And the Biden administration would never do that. And because of that, all the innovation was basically moving offshore, and America was about to lose this technology of the future.”
Trump’s order creates the Presidential Working Group on Digital Asset Markets to develop a federal regulatory framework for digital assets, including stablecoins, and explore a national digital assets stockpile. Chaired by the White House AI and crypto czar, the group includes the treasury secretary, SEC chairman, and other key agency leaders.
Today President Trump signed Executive Orders to make the U.S. the global leader in both Crypto and AI. I appeared on @FoxBusiness to discuss. pic.twitter.com/TkLDdkhVG5
— David Sacks (@DavidSacks) January 24, 2025
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