White House Crypto Czar David Sacks to Meet Senate Banking Committee on Bitcoin Market-Structure Bill

HKAN | Oct 22

In a significant development for U.S. crypto policy, White House crypto and AI czar David Sacks is slated to meet with members of the U.S. Senate’s Banking Committee to advance a proposed market-structure bill focused on Bitcoin and other digital assets.

Key Details

• The purpose of the meeting is to align the White House and Senate leadership on the legislative pathway for a crypto market-structure bill, which is widely viewed as the next major step in digital asset regulation.

• Earlier this year, Senate leadership under the Banking Committee moved forward with a discussion draft of crypto market-structure legislation, signalling urgency in defining rules for digital asset trading, custody, and exchange infrastructure.

• With the involvement of the White House and Sacks, the session underscores a coordinated push between the executive branch and Congress to deliver a regulatory framework that addresses Bitcoin and crypto markets at a structural level.

Why It Matters

• Clarity for the industry: For years, the crypto sector has operated under regulatory ambiguity. A market-structure bill would provide defining rules for how Bitcoin and digital asset markets function, including which regulators oversee them, how exchanges are structured, and how trading venues operate.

• Political momentum: With the Senate Banking Committee actively working on market-structure legislation and the White House participating, the odds of meaningful legislation moving in the near term have increased.

• Strategic significance: Beyond technical rules, the bill could shape how the U.S. competes globally in digital assets — positioning regulation as a facilitator of innovation rather than a barrier.

Likely Bill Elements & Focus Areas

Based on the Senate’s discussion draft and public commentary:

• Defined roles for regulatory agencies (e.g., U.S. Securities and Exchange Commission vs. U.S. Commodity Futures Trading Commission) in overseeing digital asset markets.

• New definitions of “digital asset securities” vs. “digital commodity assets” (such as Bitcoin) to clarify which tokens fall under which regulatory regime.

• Requirements for exchange infrastructure, custody rules, and transparency in trading venues of digital assets.

• A regulatory sandbox or transition period for crypto firms to comply without stifling innovation.

• Provisions allowing banks or financial firms to engage in digital asset services under prescribed conditions.

What Comes Next

• The meeting between Sacks and the Senate panel will likely set the timeline and alignment for drafting, committee markup, and eventual floor vote.

• Stakeholders — crypto firms, exchanges, financial institutions — are expected to monitor closely for proposed language and be ready to engage with the Request for Information or comment process.

• The legislation’s progress may accelerate given the coordinated executive and legislative effort, potentially leading to passage in the coming months.