According to BlockBeats, on March 9, a cryptocurrency analyst known as @goodalexander commented on the views of David Sacks, the White House's head of cryptocurrency and artificial intelligence. Sacks is noted for his Bitcoin maximalist tendencies, although he has not outlined a clear path for the U.S. to become a unique 'crypto capital.' However, he has emphasized avoiding judicial crackdowns and banking supply cuts. Sacks likened Bitcoin to a 'digital Fort Knox,' reinforcing its dominant position. His statements suggest that while the U.S. does not prioritize crypto projects for development, it plans to halt banking supply cuts and provide regulatory guidance. Discussions on taxation focus on a budget-neutral scenario, indicating a low likelihood of crypto tax exemptions. In the proposal for a digital asset reserve, Treasury Secretary Bessent effectively acts as an investment manager for seized crypto assets. When asked if budget-neutral Bitcoin acquisition implies selling existing reserve assets to invest in Bitcoin, Sacks acknowledged this possibility, which is seen as negative for altcoins but positive for Bitcoin.
David Sacks emphasized conflict of interest prevention, detailing that he had liquidated all his crypto assets, including venture capital shares, before engaging in crypto affairs. He advocated for meme coins to disclose their lack of utility, similar to the operation mode of the Trump couple's NFT project, akin to a 'reverse securities registration.' Sacks highlighted Bitcoin's uniqueness: Satoshi's 'perfect birth,' fixed supply, decentralization, and a decade-long $2 trillion bug bounty mechanism—all supporting the store of value narrative, without addressing digital cash, internet of value, real-time payments, digital art, or DeFi.
Sacks extensively discussed Bitcoin's uniqueness but did not address the fundamental reasons for U.S. crypto policy, such as payment infrastructure or optimizing Wall Street functions. Sometimes silence speaks volumes. When discussing digital assets beyond Bitcoin, Sacks stressed that founders should disclose holdings and unlocking terms. If claiming to be a Bitcoin alternative (e.g., fixed supply and decentralization), some form of assurance is required. This reinforces the narrative that other crypto assets are essentially store of value tools. In Sacks' view, the clear goal of crypto projects is to become Bitcoin alternatives—operating centrally in the short term but enjoying a transition period to become decentralized commodities.
Several of U.S. President Donald Trump's sons are deeply involved in non-Bitcoin crypto activities, openly claiming that Trump's policies will benefit altcoins, including retweeting 'ADA XRP SOL' and publicly supporting crypto tax exemptions. Sacks, however, stated that Trump's tweets mentioning ADA, XRP, and SOL 'have no deep meaning,' merely being 'top five market cap coins.' This contrasts sharply with Eric Trump's active promotion. A potential conflict seems to be brewing between David Sacks and Trump family members deeply invested in the crypto industry. The previous view that 'U.S. crypto projects have structural advantages' may be incorrect, but the current market situation is still better than under the Biden administration. In the long term, crypto market price increases do not require U.S. government endorsement; halting comprehensive prosecutions is already a positive, but the outcomes of this White House summit did not meet expectations.
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