The feasibility of Donald Trump’s ambition to create a national reserve of Bitcoin is still being studied by officials in the administration, White House crypto czar David Sacks said as he met with lawmakers to advance the new president’s policies on digital assets.
“That is one of the first things we’re going to look at as part of the internal working group in the administration,” Sacks said of a potential Bitcoin reserve at a press conference in Washington on Tuesday. “We’re still waiting for some cabinet members who are on the working group to get confirmed, so we’re still in the very early stages of this. But that is one of the first things we’re going to look at.”
When asked how the crypto industry will be involved with the White House’s efforts, Sacks said “we’ll have an announcement at some point that will be the authorisation to do some sort of outreach with the industry.”
Sacks was joined at the press conference by Republican lawmakers who announced that Congress was forming a bicameral working group to craft crypto regulation.
Sacks, a Silicon Valley venture capitalist, was tapped by Trump to be the first-ever White House crypto and artificial intelligence czar, a role that gives him a prominent role in shaping the administration’s policies on two rapidly developing sectors. Trump has vowed to bolster the AI and crypto industries by easing regulatory constraints and ramping up investments.
The president in his first week signed an executive action that created a working group to advise the White House on digital asset policies, with the involvement of key federal agencies, including the Treasury Department, Justice Department, Securities and Exchange Commission and the Commodity Futures Trading Commission. The group is tasked with submitting a report in about six months that would recommend a regulatory framework and legislative proposals, such as the creation of a digital asset stockpile.
Sacks met with Republican lawmakers including Senators Tim Scott, the head of the Senate Banking Committee, and John Boozman, who heads the Senate Agriculture Committee; as well as Representatives French Hill, chair of the House Financial Services Committee, and Glenn Thompson, head of the House Agriculture Committee.
While Trump has moved to make good on his pledges relating to digital assets — tapping industry friendly figures for his administration and pardoning Ross Ulbricht, the founder of the notorious Silk Road website — he will need the help of the Republican-controlled Congress to deliver on some of his policies.
Trump’s focus marks a shift for a president who was previously skeptical about digital assets but embraced the sphere during the 2024 election as crypto executives and enthusiasts marshaled their growing clout and financial heft to elect candidates favorable to the industry.
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