Fox dialogue with David Sacks: the first cryptocurrency administrative order, Bitcoin reserve and Trump

Compilation | Wu Juan Blockchain

Fox Business invites the US "Crypto Tsar" David Sacks to discuss the latest administrative orders issued by Trump. The administrative order signed by President Trump aims to promote the innovation of the American encryption industry and artificial intelligence, while establishing a clear regulatory framework. The main content includes:

1. Crypto industry supervision reform : The Trump administration promises to improve the supervision environment of the encryption industry and promote the United States into a global encryption center. Administrative orders were established to formulate a work group to formulate a clear market structure and digital asset classification (such as securities, goods, collectibles, etc.).

2. Stable currency and digital US dollar : focus on the innovation of stable currency, promote the international dominant position of the US dollar in the digital field, and avoid developing the central bank's digital currency (CBDC) to prevent the possibility of personal freedom.

3. Global competition and artificial intelligence : The Trump administration plans to strengthen the development of artificial intelligence, proposes that the United States will become the center of global artificial intelligence and replace the tedious supervision of the Biden government.

4. The view of "Trump" : Trump is regarded as a digital collection instead of cryptocurrencies, which does not constitute a conflict of interest.

In summary, Trump's administrative order aims to promote the encryption and artificial intelligence industry through clear regulatory policies to ensure that the United States maintains competitiveness in these cutting -edge fields and protect personal freedom.

Attachment: In modern American politics, "CZAR" usually refers to those who are appointed by the government and are responsible for providing suggestions and coordination policies in a specific field, similar to "person in charge", "specialist" or "consultant".

The full text is as follows:

Edward: First of all, thank you for joining us, david. President Trump said on July 27 that he would prevent the federal agency from taking action against the encryption industry. Today he seems to fulfill this promise, right?

David Sacks: Yes, it is true. President Trump said when he was running for the "first encryption president." He mentioned in Nashville's speech that plans to change the regulatory environment of the crypto industry and promote the United States to become the center of the global encryption industry. Today, he signed an administrative order to instruct the working group to formulate a new regulatory framework to promote encrypted innovation to stay in the United States, rather than driving the industry overseas as during the Biden government.

Edward: Let's talk about this framework later. First of all, this administrative order mentioned the suspension of President Trump's "excessive law enforcement actions and overgressing behaviors." What does he mean?

David Sacks: In the past four years, the Biden government has basically prosecuted and suppressed crypto companies, which has led many companies to lose overseas. I have heard many founders complaining that the Biden government has never explicitly told them what rules are, but they prosecuted them. What the industry needs most is the clarity of supervision. The founding people only want to know what the rules are, and they will follow. However, the Bayeon government has never provided such a clear guidance, which allows all innovations to overseas and almost let the United States lose this future technology. Now, President Trump has declared that the United States must become the center of global encryption, and these innovations should occur in the United States.

Edward: Now a working group led by you has been established. What aspects do you mainly pay attention to? What kind of guidelines are expected to be released?

David Sacks: Several major areas we are concerned about. The first is the market structure. We need to clarify what is securities, what is commodity, what is digital assets or collections. These need to be clearly defined.

Followed by stablecoin. I think stable coins are a very interesting field, which can help us further expand the global dominance of the dollar. We have the opportunity to create a digital dollar that can be used worldwide. In the third field, we will study whether it is necessary to set up a national digital asset reserve. We are still in the evaluation stage and we have not made the final decision for the time being.

Edward: Regarding digital asset reserves, haven't you decided to advance, is it?

David Sacks: Yes, we just evaluate this problem now, and we have not decided whether to advance.

Edward: Do you think crypto assets or currencies?

David Sacks: When it comes to digital assets, it may have many different forms of expression. For example, some digital assets are securities, some are products, and some collectibles such as NFT or emoticons. Therefore, digital assets are a very extensive field of innovation. Because of this, we need a clear regulatory framework to clarify the definition of each type. What the founding people need most is these clear rules. They need to know what they can do, and they will not encounter unreasonable allegations because of unknown rules.

Edward: How much do you think the United States is behind other countries in the encryption field? How much can this administrative order make the United States catch up?

David Sacks: We will catch up quickly. Although innovation has begun to lose to Singapore and some European countries, I think the United States will quickly reverse this situation. Looking at the Silicon Valley and the entire technology industry, the United States is in a leading position in almost all fields, and encryption is one of the only exceptions. Now, President Trump's administrative order will undoubtedly change this situation.

Edward: Regarding "Trump", it started before the president took office. Are you worried that this would cause conflict with interest?

David Sacks: I don't think there is any conflict. "Trump" is actually a collection, just like a baseball card or a stamp. People buy it to commemorate certain events. So this is my personal opinion. I am not a supervisor, but I think this is completely fine.

Edward: This administrative order also prohibits the government from developing the central bank's digital currency (CBDC). Why do you make such a decision?

David Sacks: Digital currency of the Central Bank is a huge threat to freedom and privacy. CBDC means digital currency controlled by the Federal Reserve, which may gradually replace cash and record everyone's transactions. This will not only make each transaction transparent, but also trigger new laws and control measures, limiting people's consumption freedom. Everyone is worried that this will become a "1984" regulatory model, and no one wants to take this road. We believe that it can create things similar to digital dollars through stablecoins without going to CBDC.

Edward: But the government's digital currency may compete with Bitcoin. Is this one of the reasons for you to make this decision?

David Sacks: Any government can create stable coins, but the dollar is already a global reserve currency, so I don't worry about competition in this area. I think we should further expand the dominant position of the US dollar in the digital field and push it to the global online market. This can not only bring huge demand for U.S. Treasury bonds, but also help support our finances while reducing long -term interest rates.

Edward: David, the last question. You are also the person in charge of the field of artificial intelligence. The recently signed administrative order has positioned the United States as the global artificial intelligence center. What does this mean for the future?

David Sacks: As President Trump said today, we hope that the United States can become the world's leader in the field of artificial intelligence and encryption. Both are cutting -edge technologies that are vital to the future. The Biden government previously issued an administrative order over 100 pages, which is too cumbersome and the industry reflects strongly. President Trump promised to revoke the administrative order and replaced it with a more efficient policy. Today he has fulfilled this commitment.

Edward: OK, it seems that there will be a lot of changes next. David Sacks, thank you for sharing.