David Sacks, White House director of cryptocurrency and artificial intelligence, was reported to have discussed bipartisan crypto legislation with senators on Capitol Hill, aiming for passage this year.
Passage would enhance regulatory clarity, aiding U.S. competitiveness in cryptocurrency, yet official confirmations of such developments remain absent amid growing market anticipation.
White House Pushes for Concrete Crypto Regulations by 2025 Deadline
David Sacks has initiated talks with key Democratic senators to explore the potential of bipartisan support for cryptocurrency legislation. His role as the White House director of cryptocurrency and artificial intelligence positions him centrally in discussions influencing regulatory policies.
Should Congress pass the proposed legislation, it is expected to bring much-needed regulatory clarity to the cryptocurrency industry. Industry participants anticipate such legislation could stabilize market dynamics and foster broader acceptance.
Community sentiment varies as market leaders await tangible legislative progress. Key industry figures have yet to publicly comment on Sacks' initiative, highlighting the uncertainty surrounding potential policy outcomes.
Industry Responses as U.S. Seeks Crypto Policy Clarity
The U.S. has repeatedly tried to harmonize crypto regulations with past bills like the Lummis-Gillibrand proposal, reflecting ongoing challenges in achieving bipartisan consensus.
Ethereum (ETH) is currently trading at $3,846.82 with a circulating supply of 120,698,327, and a market dominance of 12.64%, according to CoinMarketCap. Over 24 hours, the price increased by 0.07% despite a -15.59% drop in trading volume.
Experts from Coincu suggest that if the proposed legislation aligns with global regulatory frameworks, it could promote legitimacy for U.S. blockchain projects, potentially increasing international investments and stimulating domestic fintech innovation.