White House crypto czar talks Trump's support for industry, new legislation

Driving the news: "I think the President was subject to this unprecedented lawfare himself and so I think that when he hears these stories about founders being mistreated this way, I do think that it resonates on some level with him personally," Sacks explained in a recorded appearancee during an event organized by Coinbase, the country's largest cryptocurrency exchange.

• Sacks is referring to widespread reports that firms dealing in digital assets were losing banking services or had trouble securing those relationships.

Zoom in: This week, the two major pieces of legislation that Republicans and the White House have prioritized took major steps in Congress, with stablecoin legislation likely to see a vote in the Senate soon and legislation on regulation getting voted to the House floor from two different committees.

• Meanwhile, the SEC has already begun work on new rules around securities registration specifically for digital assets.

• "If we never had to worry about a future Gary Gensler at the SEC, I think that what [SEC Crypto Task Force Chair] Hester Peirce and [SEC Chair] Paul Atkins come up with would be fine, but the reality is that you just never know," Sacks said.
• "I think the purpose of legislation is just to provide stability."

The bottom line: "I think things are going incredibly well for the crypto community. And you know, again, I think it all started with President Trump's victory in the election and his leadership on this issue and his support for the crypto community," Sacks said.