David Sacks: Crypto Legislation to Expect in 2025 On E214, David Sacks broke down two crypto bills we could see over the next few months: 1) Stablecoin Framework -- Senator Bill Hagerty introduced a stablecoin bill last week -- bill aims to be "safe" and "pro-growth" -- goals include... "enhancing transaction efficiency" and "driving demand for US Treasuries" -- prohibits algorithmic stablecoins -- requires 1-to-1 reserves and AML compliance 2) Market Structure -- digital assets can be many things -- currencies, commodities, securities, collectibles, etc. -- "And one of the things that the market needs is just clarity around the definitions, so that founders know what the rules of the road are, and they can actually just comply with them." Sacks added that this is the first time that all chairmen of the four key committees that govern crypto are aligned in supporting pro-crypto legislation. They include: -- Tim Scott (Chair, Senate Banking Committee) -- French Hill (Chair, House Financial Services Committee) -- John Boozman (Chair, Senate Ag Committee) -- GT Thompson (Chair, House Ag Committee) "What the four chairmen indicated is actually they're going to take up stablecoins first and then market structure will follow very quickly." "So I think there's a pretty good chance we can get this done in the next six months."show more

@DavidSacks @SenatorHagerty How would stablecoins drive demand for US treasuries? Seems like they would do the opposite

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@BarHBARian @DavidSacks @SenatorHagerty All four key committee chairs backing pro-crypto legislation is huge. Stablecoins get priority, no surprise, the US wants control over dollar-backed assets. Market structure clarity is long overdue, but passing it in six months? I think that's optimistic.

@DavidSacks @SenatorHagerty 1-to-1 backing means nothing when you can just print more money whenever you want. If only they'd apply this concept with a gold backed currency like we used to have. 😑

@DavidSacks @SenatorHagerty It's encouraging to see that financial innovation and consumer protection are priorities for both parties.

@DavidSacks @SenatorHagerty I like that he said securities can become commodities if they prove they are decentralized. The real money is in commodities. I’m sticking with Bitcoin- the one and only commodity.

@DavidSacks @SenatorHagerty LFG!

@DavidSacks @SenatorHagerty “Bring all your coins here…just don’t lie to us of the burden when you do it will be far too late for that BS”

@DavidSacks @SenatorHagerty Sounds good to me!

@DavidSacks @SenatorHagerty If only a company had both?