After Records in Bitcoin, Critical Statements Came from US Cryptocurrency Chief David Sacks!

With Bitcoin reaching an all-time high, eyes are turned to the regulations that will come out of Washington.

David Sacks, the White House’s Artificial Intelligence and Cryptocurrency Advisor, participated in CNBC’s “Closing Bell Overtime” program, making significant statements regarding both artificial intelligence regulations and the stablecoin bill.

Referring to the issue of artificial intelligence and chip export controls, Sacks stated that they stand behind the chip export restrictions to China, but for the rest of the world, these controls should be reconsidered. “When America competes, it wins,” Sacks said. “We don’t want advanced semiconductors to fall into China’s hands, but we should support other countries building on American technology infrastructure.”

Sacks, who also pointed out the energy needs of artificial intelligence, recalled the energy gap announced by Elon Musk for “AI factories” and stated that the Trump administration intends to deregulate the energy sector. “We need to produce more electricity. We should simplify the permitting processes and build data centers,” he said.

Answering questions about the stablecoin bill, Sacks said that they have the support of 15 Democratic senators in the vote in the Senate and that they expect the bill to pass. Stating that this regulation will bring new, cheap and efficient payment infrastructures to the American economy, Sacks said, “Stablecoins will increase the dominance of the dollar in the digital world and create a trillion-dollar demand for treasury bonds.” He argued that with the legal framework in place, stablecoins will take effect immediately.