Trump Crypto Advisor David Sacks Praises Executive Order, Blames Biden for Driving Industry Overseas

David Sacks, President Donald Trump's cryptocurrency czar, rejoiced after the president issued an executive order to clarify market laws on Thursday, hailing his acceptance of the industry while criticizing the Biden administration for pushing it away.

In an exclusive interview with FOX Business' "The Evening Edit" on Friday, Sacks claimed Trump's actions demonstrated that he is carrying out his campaign promise to make the United States the "crypto capital" of the world.

Sacks stated that Trump's crypto EO urges his working group to create a regulatory framework to support innovation and cryptocurrency in the United States rather than drive the business to other countries.

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"For the last four years, the Biden administration has prosecuted and persecuted crypto companies, really driving them offshore," Sacks told Edward Lawrence, the show's host. "I've heard so many outrageous stories from creators and entrepreneurs about how the Biden administration refused to explain the rules of the road, and they were prosecuted. The industry seeks regulatory clarity above all else."

"They are saying, just tell us the rules. "We will comply with them," Sacks stated. The Biden administration would never do it. As a result, all innovation shifted offshore, and America was on the verge of losing this future-oriented technology."

Trump's order forms the Presidential Working Group on Digital Asset Markets, which will create a federal regulatory framework for digital assets, including stablecoins, and assess the feasibility of establishing a strategic national digital asset stockpile. The White House AI and crypto czar will lead the meeting, including the treasury secretary, the Securities and Exchange Commission (SEC) chairman, and other key department and agency chiefs.