Trump Ally David Sacks Says US 'One Step Closer' To 'Crypto Capital' As Senate Panel Advances Bill

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry voted on Thursday to advance cryptocurrency market structure legislation, moving the bill closer to establishing federal regulations for digital assets.

The move has been lauded by prominent figures in the industry, who see it as a vital step in positioning the U.S. as a global leader in crypto innovation.

White House Czar Hails ‘Crypto Capital’ Push

David Sacks, co-founder of PayPal Holdings Inc (NASDAQ:PYPL), and Brian Armstrong, CEO of Coinbase Global Inc (NASDAQ:COIN), were among the industry leaders who expressed their appreciation for this advancement.

Sacks, who also serves as White House AI and Crypto Czar, confirmed the committee action in an X post, thanking Chairman John Boozman for leadership on the measure.

“We are one step closer to establishing the necessary regulatory framework to make the United States the crypto capital of the world,” Sacks wrote on X.

The development comes days after Sacks urged compromise between banks and crypto firms to advance the legislation despite ongoing disputes over stablecoin provisions.

Partisan Vote With Bipartisan Promise

The committee vote passed along party lines, 12-11, though Sacks noted that several Democratic members had pledged support for the final legislation.

“We will continue to work with them on a bipartisan basis,” Sacks stated.

Brian Armstrong acknowledged the development, specifically highlighting Senator Cory Booker's role in advancing bipartisan crypto legislation.

Armstrong previously withdrew support for the bill over stablecoin provisions.

Industry Leaders Rally Behind Regulatory Clarity

Ripple (CRYPTO: XRP) CEO Brad Garlinghouse, who has advocated for clear crypto legislation, also took to X to acknowledge the significance of this development.

Garlinghouse reiterated his previous stance that “clarity is better than chaos,” noting the legislation’s necessity for crypto entrepreneurs as digital assets become increasingly integrated into global financial infrastructure.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.