Compiled by Wu Says Blockchain

Fox Business invited America's "Crypto Czar" David Sacks to discuss the latest executive order issued by Trump. The executive order signed by President Trump aims to promote innovation in the U.S. crypto industry and artificial intelligence while establishing a clear regulatory framework. The main points include:

1. Crypto Industry Regulatory Reform: The Trump administration is committed to improving the regulatory environment for the crypto industry, aiming to make the U.S. a global crypto hub. The executive order establishes a working group responsible for creating a clear market structure and classification of digital assets (such as securities, commodities, collectibles, etc.).

2. Stablecoins and Digital Dollar: The focus is on innovation in stablecoins, promoting the international dominance of the dollar in the digital realm while avoiding the development of Central Bank Digital Currency (CBDC) to prevent potential threats to personal freedom.

3. Global Competition and Artificial Intelligence: The Trump administration plans to strengthen the development of artificial intelligence, proposing that the U.S. become the global center for AI, replacing the cumbersome regulations of the Biden administration.

4. Views on "Trump Coin": Trump Coin is seen as a digital collectible rather than a cryptocurrency, not constituting a conflict of interest.

In summary, Trump's executive order aims to drive innovation in the crypto and AI industries through clear regulatory policies, ensuring that the U.S. remains competitive in these cutting-edge fields while protecting personal freedoms.

Note: In modern American politics, "czar" typically refers to someone appointed by the government who is responsible for providing advice and coordinating policies in a specific area, similar to "head," "commissioner," or "advisor."

The full text is as follows:

Edward: First, thank you for joining us, David. President Trump stated on July 27 that he would prevent federal agencies from taking action against the crypto industry. Today, it seems he has fulfilled that promise, right?

David Sacks: Yes, that's correct. President Trump has stated during his campaign that he wants to be the "first crypto president." He mentioned in his speech in Nashville that he plans to change the regulatory environment for the crypto industry and make the U.S. the center of the global crypto industry. Today, he signed an executive order directing the working group to create a new regulatory framework to keep crypto innovation in the U.S., rather than pushing the industry overseas as it did during the Biden administration.

Edward: We'll talk about that framework later. First, the executive order mentions a pause on what President Trump considers "over-enforcement actions and overreach." What specifically is he referring to?

David Sacks: Over the past four years, the Biden administration has essentially prosecuted and suppressed crypto companies, leading many to move overseas. I've heard many founders complain that the Biden administration never clearly told them what the rules were, yet they were prosecuted. What the industry needs most is regulatory clarity; founders just want to know what the rules are, and they will comply. However, the Biden administration never provided such clear guidance, which drove all innovation overseas and nearly caused the U.S. to lose this future technology. Now, President Trump has declared that the U.S. must become the global center for crypto, and these innovations should happen in America.

Edward: A working group has now been established, led by you. What are your main areas of focus? What kind of guidelines do you expect to release?

David Sacks: We have several main areas of focus. First is market structure. We need to clarify what constitutes a security, what is a commodity, and what are digital assets or collectibles. These all need clear definitions.

Secondly, stablecoins. I think stablecoins are a very interesting area; they can help us further expand the global dominance of the dollar. We have the opportunity to create a digital dollar that can be used globally. The third area we will explore is whether there is a need to establish a national digital asset reserve. We are still in the evaluation stage on this issue and have not made a final decision yet.

Edward: Regarding the digital asset reserve, you haven't decided whether to move forward, right?

David Sacks: Correct, we are currently just evaluating this issue and have not decided whether to proceed.

Edward: Do you think crypto assets are assets or currency?

David Sacks: When it comes to digital assets, they can take many different forms. For example, some digital assets are securities, some are commodities, and others are collectibles like NFTs or meme coins. So, digital assets represent a very broad area of innovation. Because of this, we need a clear regulatory framework that defines each type. What founders need most are these clear rules; they need to know what they can do without facing unreasonable accusations due to unclear rules.

Edward: How far behind do you think the U.S. is in the crypto space compared to other countries? How quickly can this executive order help the U.S. catch up?

David Sacks: We will catch up quickly. Although innovation has already started to flow to Singapore and some European countries, I believe the U.S. will swiftly reverse this trend. Look at Silicon Valley and the entire tech industry; the U.S. is leading in almost every field, and crypto is one of the few exceptions. Now, President Trump's executive order will undoubtedly change that.

Edward: Regarding "Trump Coin," it started before the president took office. Are you concerned this could create a conflict of interest?

David Sacks: I don't think there is any conflict. "Trump Coin" is actually a collectible, just like baseball cards or stamps. People buy it to commemorate certain events. So that's my personal view; I'm not a regulator, but I think there's absolutely no problem with it.

Edward: This executive order also prohibits the government from developing Central Bank Digital Currency (CBDC). Why was this decision made?

David Sacks: Central Bank Digital Currency is a significant threat to freedom and privacy. A CBDC would mean a digital currency controlled by the Federal Reserve, which could gradually replace cash and record everyone's transactions. This would not only make every transaction transparent but could also lead to new legal and control measures that restrict people's freedom to spend. There are concerns that this could become a "1984-style" regulatory model, and no one wants to go down that path. We believe we can create something similar to a digital dollar through stablecoins without going the CBDC route.

Edward: But government digital currency could compete with Bitcoin; is that one of the reasons for this decision?

David Sacks: Any government can create stablecoins, but the dollar is already the global reserve currency, so I'm not worried about that kind of competition. I think we should further expand the dollar's dominance in the digital realm and push it into the global online market. This would not only create huge demand for U.S. Treasury bonds but also help support our finances while lowering long-term interest rates.

Edward: David, one last question. You are also the head of the AI sector. The recently signed executive order positions the U.S. as a global AI center. What does this mean for the future?

David Sacks: As President Trump said today, we want the U.S. to be a global leader in both artificial intelligence and crypto. Both are crucial frontier technologies for the future. The Biden administration previously issued an executive order over a hundred pages long, which was overly cumbersome, and the industry reacted strongly. President Trump has promised to rescind that executive order and replace it with more efficient policies, and today he has fulfilled that promise.

Edward: Well, it seems there will be many changes ahead. Thank you for sharing, David Sacks.

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