White House AI and Crypto Czar David Sacks says he believes the U.S. is in an “excellent position” to pass market structure legislation ahead of the end of the year.
David Sacks Expresses Optimism Over Key Crypto Bill
In an October 23 X post, Sacks said he believes that the U.S. may be set to pass the long-awaited crypto legislation “with bipartisan support” before the end of 2025.
Sacks also noted he had “productive meetings with leading Democratic members” as U.S. lawmakers convened over finding a way to advance the crypto policy forward.
“This will finally bring much-needed regulatory clarity to the crypto industry, building on the success of the Genius Act, signed into law by President Trump earlier this year,” Sacks wrote.
Senate Democrats Meet With Top Crypto Executives
Senate Democrats met with top digital asset executives on Wednesday in hopes of working on crypto market structure legislation.
Led by Senator Kirsten Gillibrand, the roundtable featured key players in the cryptocurrency industry, including Galaxy CEO Mike Novogratz, Chainlink CEO Sergey Nazarov, Kraken CEO Jesse Powell (not David Ripley), and Solana Policy Institute President Kristin Smith, among others.
“The good news is there is strong bipartisan support and will to get this market structure legislation done,” Coinbase CEO Brian Armstrong told CNBC, adding that Thanksgiving was “floated” as a possible deadline for the crypto bill.
Senate Democrats unveiled their own crypto market structure proposal earlier this month, though not everyone was pleased with the bill.
“The disappointing proposal outlined by Senate Democrats would effectively ban decentralized finance, wallet development, and other applications in the United States—an outcome that’s neither workable nor consistent with American innovation,” Blockchain Association CEO Summer Mersinger said in a statement at the time.
While much of Washington remains stalled by the shutdown, Sacks’ expression that crypto market legislation could still make progress by the end of the year may be a positive step forward for proponents of the bill.
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