Trump’s Executive Order to Propel US Ahead in Global Crypto Market – Here is Why

David Sacks, the newly appointed crypto czar under President Donald Trump, has expressed confidence that the U.S. will quickly close the gap in the global digital asset race.

In a recent interview with Fox Business, Sacks emphasized that Trump’s executive order aimed at establishing clear cryptocurrency guidelines will pave the way for the U.S. to catch up to countries like Singapore that have been at the forefront of digital asset adoption.

Sacks stated, “We’re going to make rapid progress. The innovation was drifting overseas, particularly to places like Singapore and parts of Europe, which were ahead of us. However, I believe that dynamic is going to change very quickly.”

Pointing to the U.S.’s leadership in technology and innovation, Sacks highlighted that crypto has been one of the few exceptions. However, he believes this will be rectified soon with the government’s new push to establish a more supportive regulatory framework, following Trump’s executive order.

Sacks identified three key areas of focus for the U.S. government in shaping the future of digital assets:

1. Market Structure: Clarifying what constitutes a security, a commodity, and a digital asset, and defining the overall market structure.
2. Stablecoins: Viewing stablecoins as a strategic opportunity to extend the U.S. dollar’s global dominance by creating a digital dollar used worldwide.
3. National Digital Asset Stockpile: Although not yet in place, Sacks mentioned that the government is exploring the idea of creating a national stockpile for digital assets.

With these focused efforts, Sacks believes the U.S. will soon be in a strong position to lead the digital asset space.