David Sacks has left, but not completely.
After 130 days as a 'temporary worker', the White House AI and crypto chief officially stepped down. But he immediately took a seat on the PCAST, expanding his authority from crypto to the entire tech sector. It’s said to be a change of position, but it feels more like an elevation.
The market didn't have time to catch its breath, and the legislative situation has completely stalled.
The "CLARITY Act" is stuck in Congress, and the latest draft directly targets the lifeline of stablecoins—prohibiting platforms from paying users similar interest in 'passive income'. Circle and Coinbase's stock prices plummeted in response, and the industry erupted. The banking sector and crypto advocates are lobbying frantically, while both parties continue to argue over the president's relatives' crypto holdings.
With the midterm elections approaching, the legislative window is closing.
On the surface, it seems the 'crypto czar' has left, but in reality, nothing has been resolved. Sacks has changed positions but continues to influence policy, while the real decision-makers of the industry are still bickering in Congress.
Do you think this wave of the 'CLARITY' Act is the beginning of regulatory implementation or a prelude to a new round of suppression? Let's discuss in the comments.
