Trump Crypto Czar David Sachs CEO Order, Biden Says

President Donald Trump Cryptocurrency Czar, David Sacks, is celebrating after the president signed an executive order seeking to clarify regulations in the industry on Thursday, praising his embrace of the industry while criticizing the Biden administration for leading it too far.

In an exclusive interview with Fox Business’ “Evening Edit” On Friday, Sachs said Trump’s actions showed he was following through on his campaign promise to make the United States the “crypto capital” of the world.

Bags said that Trump Crypto.eo He directs his working group to produce a regulatory framework to encourage innovation and crypto in the United States, rather than pushing the industry to other countries.

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“Over the last four years, the Biden administration has basically courted and oppressed crypto companies, pushing them out,” Sachs told host Edward Lawrence. “I’ve heard a lot of outrageous stories by founders, by entrepreneurs, that the Biden administration won’t tell them the rules of the road, and then they get sued. And what the industry wants more than anything is regulatory clarity.”

David Sachs, CEO of Zenefits, speaks during the 2016 TechCrunch Disrupt in San Francisco, California, September 13, 2016. (Reuters/Beck Dieffenbach/Reuters)

“They say, ‘Just tell us the rules. We’ll stick to them,'” Sachs said. A Biden administration will never do that. Because of this, all innovation was essentially moving abroad, and America was about to lose this technology in the future.”

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Trump’s order creates the Presidential Working Group on Digital Asset Markets, which will develop a federal regulatory framework for Digital assetsincluding StableCoins, and evaluating the creation of a strategic national digital asset stock. It will be led by the White House AI and Crypto Czar and include the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission (SEC), as well as the heads of the administration and other relevant agencies.