US Crypto Czar Criticizes SEC Strongly… "Pushing Crypto Businesses with Unclear Regulations"

David Sachs, the White House Crypto Czar, speaks at a press conference on the 4th (local time). /Photo=Senate Banking Committee X Capture

On the 4th (local time), David Sachs, the crypto (cryptocurrency) czar, criticized that "the SEC has strongly pressured the industry by prosecuting crypto businesses without clarifying regulations."

David Sachs attended a press conference held overnight at the Senate Banking Committee and stated this.

He further emphasized, "Due to the lack of regulatory clarity, many crypto companies have already moved overseas, allowing FTX to commit massive fraud." Additionally, he claimed, "Many crypto businesses have told me they experienced debanking (the unilateral freezing of bank accounts)."

Regarding the U.S. Bitcoin (BTC) reserve that investors were anticipating, he said, "A working group is studying the feasibility of a strategic Bitcoin reserve."

Furthermore, the importance of stablecoins was also mentioned at the press conference. David Sachs added, "Stablecoins could potentially generate demand worth trillions of dollars for U.S. Treasury bonds, which would help lower long-term interest rates."