With Bitcoin reaching an all-time high, all eyes are on regulations coming out of Washington.
White House Artificial Intelligence and Cryptocurrency Advisor David Sacks participated in CNBC’s “Closing Bell Overtime” program and made important statements about both artificial intelligence regulations and the stablecoin bill.
Sacks, who touched on the subject of artificial intelligence and chip export controls, said that while they stand behind the chip export restrictions to China, those controls for the rest of the world should be reconsidered. “When America competes, it wins. We don’t want advanced semiconductors to end up in China, but we should support other countries to build on American technology infrastructure,” Sacks said.
Sacks, who also drew attention to the energy needs of artificial intelligence, recalled the energy deficit 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 need to ease permitting processes and build data centers,” he said.
Answering questions about the stablecoin bill, Sacks said that they received the support of 15 Democratic senators in the Senate vote and that they expect the bill to pass. Stating that this regulation will provide new, cheap and efficient payment infrastructures to the American economy, Sacks said, “Stablecoins will increase the dollar’s dominance in the digital world and create a trillion-dollar demand for treasury bonds.” He argued that stablecoins will be effective immediately once the legal framework is provided.
*This is not investment advice.
