David Sacks Defends Donald Trump's Pro-crypto Policy

Four months after Donald Trump’s inauguration, we can begin to take stock of his political actions. During his interview with the founders of Gemini, David Sacks, an entrepreneur and special member of the US government, reviewed all his pro-crypto actions and reiterated his confidence in Donald Trump, stating that the United States is now heading in the right direction.

David Sacks defends the idea of a larger Bitcoin reserve

At the last Bitcoin conference in Las Vegas, entrepreneur David Sacks spoke with the Winklevoss brothers, founders of Gemini, about new technologies and American politics. He notably suggested that the United States could increase their Bitcoin reserves, provided it is done in a budget-neutral manner.

David Sacks is a member of the PayPal Mafia close to Peter Thiel. Both are investors in new technologies who participated in financing Donald Trump’s campaign. Since Trump’s election, David Sacks has become a special employee of the government with the title of czar responsible for cryptocurrencies and artificial intelligence. Moreover, Peter Thiel supports Reserve, a discreet stablecoin project aimed at providing an alternative to traditional currencies in unstable economies.

Praising the actions taken by Trump since his inauguration, he revisited the decision to develop a federal Bitcoin reserve. The decree on this reserve states that these Bitcoins come from seizure procedures in criminal or civil cases; however, David Sacks believes the state can buy more. Indeed, this same decree does not specify how these Bitcoins are acquired, leaving open the possibility of direct purchase.

If this can be done in a budget-neutral way, that is, if the Department of Commerce or the Treasury Department can find a way to fund it without increasing debt, then they are authorized to create these programs

A review of Trump’s pro-crypto policy

Trump’s measures in favor of cryptocurrencies do not stop there. In fact, according to David Sacks, these first four months were an opportunity to symbolically change the atmosphere around these digital assets. Ross Ulbricht, the founder of Silk Road, was released and Gary Gensler, the former SEC chairman and staunch opponent of cryptocurrencies, was replaced. But it is above all the halt in funding of the CFPB that pleases the entrepreneur. This commission is a regulatory agency established by Democratic Senator Elizabeth Warren, who is very hostile to the cryptocurrency market.

Beyond these symbolic measures, several concrete decisions by Trump are crucial, according to Sacks. First, the definitive abandonment of CBDC (Central Bank Digital Currency) and the stablecoin bill will be important assets to stabilize the dollar’s role in trade while preserving private initiative. This measure is opposed to that of the European Union, which is preparing to test its digital euro by the end of the year. Regarding other cryptocurrencies, David Sacks reaffirms the abandonment of Choke Point 2.0, a measure taken by the Biden administration aimed at cutting financial resources for certain crypto companies. Instead, a working group and a bill will define a new, more favorable framework for this market, thus preventing future SEC attacks.

David Sacks proposes a new energy policy for cryptos and AI

The end of the interview was an opportunity to show that cryptocurrencies and artificial intelligence share the same energy challenges. Indeed, these are industries that require a lot of computing power from graphics cards or ASICs and are therefore very energy-intensive.

David Sacks believes that to maintain leadership in these fields, the United States must strengthen its energy production. In this regard, Trump’s call for more drilling once again constitutes a positive act for these industries.

A fervent supporter of Trump and new technologies, David Sacks presents a more than positive assessment of the first months of Donald Trump’s term and shows that early measures, such as the adoption of the Bitcoin Act aiming for the acquisition of one million BTC by the United States, resolutely set the country on the right path to become the nation of cryptocurrencies.