Speaking at a press conference on Capitol Hill alongside key congressional leaders, Sacks outlined a sweeping, pro-crypto agenda that signals a significant shift in the federal government’s approach to digital assets.

Sacks is at the helm of the administration’s newly formed working group of financial regulators, tasked with setting the rules of the road for crypto. His mandate? To ensure U.S. dominance in digital assets and prevent innovation from fleeing offshore. The details were vague, but to be fair, we are only in the second week of President Trump’s administration, so some patience is required as lawmakers put committees together and put ducks into rows.

Impatient traders hoping for more detail sold off Bitcoin, which dropped to $98,200, Source: BNC Bitcoin Liquid Index

Congress Mobilizes for Crypto Legislation

In a coordinated move, leaders in both the House and Senate are establishing a joint working group dedicated to pushing forward crypto-friendly legislation. Sacks emphasized that the administration’s approach is clear: The U.S. will not sit on the sidelines while global competitors race ahead in digital finance.

“I look forward to working with each of you in creating a golden age in digital assets,” Sacks declared, framing crypto as a “week-one priority” for Trump’s administration.

Watch the press conference below.

Stablecoins Take Center Stage

The first major legislative initiative under this new regime emerged just hours before Sacks’ press conference, when Senator Bill Hagerty (R-TN) introduced a stablecoin oversight bill. The proposed legislation would place regulation of stablecoin issuers under a dual oversight model, balancing state-level approvals with federal oversight from the Federal Reserve and the Office of the Comptroller of the Currency.

This structure mirrors the approach taken in traditional banking, but with an explicit goal of keeping crypto innovation anchored in the U.S.

“We want to keep that innovation onshore,” Sacks said, highlighting the broader vision. “Financial assets are destined to become digital, just like every analog industry has gone digital. We want that value creation to happen here in the United States, rather than ceding it to other nations.”

The Much Anticipated Bitcoin Reserve

Viewers of today’s conference were hoping for some substance, especially on the proposed establishment of a U.S. Bitcoin Reserve. Sacks to his credit, said the words “National Bitcoin Reserve”, stating the feasibility of a U.S. Bitcoin Reserve is one of the first things the new working group would be investigating. He made it clear that this would be separate from the Sovereign Wealth fund discussed by President Trump yesterday.

There was no mention of the proposed Digital Assets stockpile that would contain American assets such as Ripple’s XRP and Solana. This is presumably still on the table, but further down the line.

For now, investors will have to be patient.