Trump's crypto czar remains quiet on Bitcoin reserve

Meanwhile, Bitcoin fell by more than 2% within just an hour, hovering around $98,000

By Vinamrata Chaturvedi1 min readUpdated February 4, 2025

The Trump administration is actively pursuing initiatives related to cryptocurrency, but there has not been any official announcement regarding the highly anticipated Bitcoin reserve. David Sacks, the White House’s cryptocurrency director and President Donald Trump’s crypto czar, held a press conference to discuss the U.S. digital asset strategy. However, he did not reveal any specific plans for stockpiling Bitcoin, instead stating that the team would evaluate the feasibility of a Bitcoin reserve.

Meanwhile, Bitcoin, the leading cryptocurrency, experienced a decline, dropping more than 2% in just one hour to hover around $98,000.

David Sacks outlined a broad pro-crypto agenda, stating that the U.S. House of Representatives and Senate are forming a joint working group to advance cryptocurrency legislation. During the conference, he emphasized wanting the United States to become a global crypto hub.

“I look forward to working with each of you in creating a golden age in digital assets,” he said.

SEC launches its Crypto Task Force website

The Securities and Exchange Commission (SEC) launched its Crypto Task Force website on Tuesday. Hester Peirce, widely known as “Crypto Mom,” will lead the team responsible for proposing potential regulations for the cryptocurrency sector and assessing a national cryptocurrency stockpile.

A new stablecoin bill is on the table

Earlier today, Republican Senator Bill Hagerty of Tennessee introduced a new bill aimed at regulating stablecoins. The proposed legislation seeks to establish a U.S. regulatory framework for issuing dollar-denominated tokens. Hagerty, who led a previous stablecoin initiative, is now championing this bill with the support of Senate Banking Committee Chairman Tim Scott and Cynthia Lummis, the head of its Digital Assets Subcommittee.

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