Crypto czar David Sacks claimed President Donald Trump’s first summit on cryptocurrency was proof of a complete revolution from the Biden administration.
Sacks is the first in any administration to take on the title of crypto czar on behalf of the White House. The venture capitalist announced back in 2013 that he purchased his first Bitcoin. Now, he will be in charge of crafting a legal framework for cryptocurrency in the United States.
“I think we saw over the past four years under the Biden administration that this industry, this digital assets industry, was really persecuted and prosecuted horrible lawfare. The government would prosecute them for violating rules but they wouldn’t tell these companies what the rules were,” Sacks said on Fox News’s My View with Lara Trump. “I think this summit was an opportunity for these industry leaders to tell us in the Trump administration now their advice, their feedback, what they are looking for to make them more successful, more competitive. It was also an opportunity to recognize these innovators because these people have been on the cutting edge for decades, and like I mentioned, they’ve been treated in a shabby way, and I think the president loves — as he calls — high-IQ people. He loves innovators, and this was a chance to celebrate innovators and high-IQ people.”
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At the moment, Sacks’s advisors are determining whether cryptocurrencies will be commodities or securities, as it will determine whether these digital coins will have to disclose and register under the Securities Act of 1933 and the Securities Exchange Act of 1934.
The more traditional coins are “mined” when computers solve complex equations and are awarded with cryptocurrency, a process that requires significant energy and resources. This process is similar to other commodities like gold or silver. However, not every cryptocurrency is mined. For example, Ethereum, the second most valuable token, behaves more like a stock and could stand to be regulated as a security.
