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White House AI and crypto czar David Sacks says he believes the US is in an “excellent position” to pass market structure legislation by the end of the year.
David Sacks Expresses Optimism About Key Crypto Bill
In an Oct. 23 post, Sacks said he believes the U.S. may be ready to pass long-awaited crypto legislation “with bipartisan support” by the end of 2025.
Sacks also noted that he had “productive meetings with leading Democrats” as US lawmakers meet to find a way to move crypto policy forward.
“This will finally bring much-needed regulatory clarity to the crypto industry and build on the success of the Genius Act signed into law by President Trump earlier this year,” Sacks wrote.
Senate Democrats meet with top cryptocurrency officials
Senate Democrats met with top digital asset managers on Wednesday in hopes of working on crypto market structure legislation.
He spoke at the round table under the leadership of Senator Kirsten Gillibrand key players in cryptocurrency Idustry, including Galaxy CEO Mike Novogratz, Chainlink CEO Sergey Nazarov, Kraken CEO Jesse Powell (not David Ripley), and Solana Policy Institute President Kristin Smith, among others.
“The good news is that there is strong bipartisan support and will to get this market structure legislation done,” Coinbase CEO Brian Armstrong told CNBC, adding that Thanksgiving had been “raised” as a possible date for the cryptocurrency bill.
Senate Democrats introduced their own cryptocurrency market structure proposal earlier this month, though not everyone was happy with the bill.
“The disappointing proposal outlined by Senate Democrats would effectively ban decentralized finance, wallet development and other applications in the United States — an outcome that is neither feasible nor consistent with American innovation,” Blockchain Association CEO Summer Mersinger said in a statement at the time.
While much of Washington remains on hold due to the shutdown, Sacks’ expression that crypto legislation could still move forward by the end of the year may be a positive step forward for the bill’s supporters.
