u.today
Brad Garlinghouse addressed the crypto community regarding the press conference attended by Crypto Czar David Sacks. Leaders of the House and Senate committees on banking and finance were present.
They talked about the execution of Trump’s executive order about crypto-friendly regulation to be implemented in the US. In his tweet, Garlinghouse responded to those in the crypto community who has been criticising that event and the issues discussed.
Crypto czar's speech on US future support of digital assets
During the press conference where many Republican lawmakers were present, among them those appointed by the president to be part of the working group on creating potential regulatory framework for digital assets, David Sacks stated that the task is to create a plan for a crypto-friendly legislation.
The goal is to support blockchain and crypto innovation in the US and businesses focused on this. The crypto czar underscored that according to many crypto company founders he had spoken to over the past four years, the main issue was the lack of rules in this sphere. Besides, the SEC had been prosecuting many crypto companies without providing them with clarity regarding crypto. Sometimes, Sacks said, people even had their bank accounts frozen just because they founded a crypto company.
Therefore, many innovative businesses in the digital asset sphere were driven out of the US. Meanwhile, the crypto czar said the priority now is to keep them onshore rather than offshore because it is easier to regulate them. In this regard, Sacks referred to the now dysfunctional FTX exchange, which was based in the Bahamas, as the biggest crypto fraud in history. He also said it is important that the US uses digital assets to maintain the power of the US dollar around the world.
Ripple CEO weighs in to slam the critics
Brad Garlinghouse tweeted that those who are criticizing this working group and its target. Per Ripple CEO, “Any criticism of today's press conference is absolutely missing the forest for the trees.”
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— David Sacks (@DavidSacks) February 5, 2025
He called the future regulation with crypto clarity in it “100% a big deal (and something we haven’t seen before).” Ripple was among the companies that suffered from the SEC prosecution in the past four years.