David Sacks to Unveil Crypto Advisory Council at White House Press Conference

WASHINGTON, D.C. — David Sacks, President Donald Trump’s newly appointed Crypto Czar, is set to host his first press conference today at 2:30 p.m. ET at the Dirksen Senate Office Building. The event will likely announce the formation of a federal advisory council tasked with shaping the future of digital asset regulation in the United States.

According to sources speaking to the New York Post, Sacks is expected to name industry leaders from major crypto firms, including Ripple, Crypto.com, Coinbase, and Circle, the issuer of the USDC stablecoin. “Everyone and their mother is begging to be on this council,” one applicant told the Post. The council’s primary mandate, as outlined in an executive order signed by Trump, is to propose a federal regulatory framework prioritizing digital assets and establishing a national digital assets stockpile.

Stablecoins, a category of digital assets pegged to stable reserves like the U.S. dollar, are a particular focus of the administration. The global stablecoin market is valued at over $150 billion, with Tether (USDT) dominating the sector. Notably, Trump’s Commerce Secretary, Howard Lutnick, holds equity in Tether’s parent company, adding a layer of intrigue to the administration’s crypto agenda.

Today’s press conference coincides with a Republican-led push to advance crypto-friendly legislation. Senator Bill Hagerty is introducing a stablecoin bill, which stands a strong chance of passing given the Republican majority in the Senate, House of Representatives, and White House. If successful, the bill could pave the way for clearer regulatory guidelines and greater institutional adoption of digital assets.

In addition to regulatory reform, Sacks’ advisory council is expected to explore reassigning oversight of the crypto industry from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). Proponents argue that the CFTC, which focuses on commodities rather than securities, is better suited to regulate the fast-evolving crypto market.

The press conference comes amid a turbulent period for the crypto market, with over $2 billion in liquidations affecting more than 738,000 traders in the past 24 hours. Sacks will be joined by key congressional leaders, including Senate Banking Committee Chairman Tim Scott, Senate Agriculture Committee Chairman John Boozman, House Financial Services Committee Chairman French Hill, and House Agriculture Committee Chairman G.T. Thompson.

President Trump’s January 2025 executive order, titled “Strengthening American Leadership in Digital Financial Technology,” laid the groundwork for today’s developments. The order established a working group led by Sacks to craft policies that position the U.S. as a global leader in digital assets. The group’s recommendations are expected to influence everything from market regulation to national security considerations surrounding digital currencies.

As the crypto industry awaits today’s announcements, stakeholders are hopeful that the new advisory council will bring much-needed clarity and stability to the market. With Sacks at the helm, the U.S. government appears poised to take a more proactive role in shaping the future of digital finance.