Sacks | Crypto

In an interview from the WEF in Davos, David Sacks addressed disputes over stablecoin yield and the crypto market structure legislation that's stalled in the US Senate. White House crypto czar David Sacks said banks and crypto companies will ultimately merge into “one digital asset industry” once Congress passes the long-delayed market structure bill. The comments came during an interview on CNBC’s Squawk Box on Wednesday at the World Economic Forum (WEF) in Davos, Switzerland, where Sacks was asked about the negotiations around the proposed CLARITY Act, a market structure bill that has stalled amid debate over whether stablecoin issuers should be permitted to offer yield. Sacks said the yield debate has become the primary obstacle to advancing the legislation, but noted that lawmakers, banks and crypto companies must compromise to get a market structure bill to US President Donald Trump to sign into law. Read more

White House AI and crypto czar David Sacks said the CLARITY Act will reach the Senate next month for debate and amendment before a full vote. The long-awaited Digital Asset Market Clarity Act, or CLARITY Act, is moving closer to law, with a Senate markup expected in January, says White House artificial intelligence and crypto czar David Sacks. Sacks posted to X on Thursday that Senate Banking Committee Chair Tim Scott and Agriculture Committee Chair John Boozman had confirmed that the bipartisan crypto bill will be shaped up by the Senate next month. The CLARITY Act would define crypto securities and commodities and clarify the roles of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other financial regulators. Read more