According to an executive order signed by Trump, Sacks must pick advisors who will help him to propose a federal regulatory framework that prioritizes digital assets and a national digital assets stockpile. Trump’s order names one category of digital assets that is a particular priority: stablecoins.
Stablecoins have a combined market value of $225 billion, the majority of which is in the world’s biggest stablecoin, tether (USDT). Trump’s Commerce Secretary Howard Lutnick owns equity in the coin’s parent company.
Read more: Crypto fooled again by fake Trump executive order
Crypto promoters prefer the CFTC
Today is a historic one for stablecoin fans for another reason. In addition to Sacks’ possible appointment of Circle’s Jeremy Allaire, Senator Bill Hagerty is also introducing a Republican-led stablecoin bill.
Because the Senate, House of Representatives, and White House all have a Republican majority, such bills have a higher likelihood of becoming law than usual.
If pro-crypto executives and stablecoin-friendly lobbyists like Fairshake get their way at Sacks’ press conference today, his new advisory council will also start work on reassigning the Securities and Exchange Commission (SEC) away from the crypto industry.
Indeed, the less experienced, lower-resourced, and commodity-focused Commodities Futures Trading Commission (CFTC) is a far better option for crypto promoters than the older, well-staffed, consumer protection-focused SEC.
protos.com
