White House Crypto Chief Undecided On Digital Asset Reserve Plan

According to Odaily, David Sacks, the incoming White House cryptocurrency chief, stated in an interview with Fox Business News reporter Eleanor Terrett that no decision has been made regarding the advancement of a digital asset reserve plan. Sacks mentioned, "Yes, we will evaluate this. We have not decided to proceed with it. We need to study it further." Sacks outlined that the digital asset task force will develop a regulatory framework by implementing market structures and defining digital assets, securities, commodities, collectibles, and more. Additionally, the framework aims to enhance the dominance of the U.S. dollar through stablecoins and assess the potential for a national digital asset reserve. Sacks also expressed his view that the TRUMP coin is akin to a collectible, similar to baseball cards, and he is not concerned about potential conflicts of interest if the president issues such a token. He further stated that central bank digital currencies (CBDCs) pose a threat to freedom and liberty, suggesting that stablecoins are a preferable alternative. Expanding the dominance of the U.S. dollar in the digital realm could potentially generate trillions of dollars in demand for U.S. Treasury bonds.