US Crypto Agenda Must Focus On 'Made In America'

It did not take long for the "Crypto President's" appointed Crypto Czar, David Sacks, to arouse the interests of decentralized finance champions at home and abroad.

Sacks has been tasked with designing a comprehensive legal framework that supports crypto growth and innovation across the U.S., pursuant to the President's "Strengthening American Leadership in Digital Financial Technology" executive order.

On February 4, Sacks and key members of Congress at a press conference outlined a timetable for creating a new regulatory framework for U.S. digital assets and their issuers. The first step, said Sacks, was to create a bicameral working group to advance crypto legislation within the next 100 days.

Sacks was joined at the press conference by Senate Banking Committee Chairman Tim Scott, Senate Agriculture Committee Chairman John Boozman, House Financial Services Committee Chairman French Hill, and House Agriculture Committee Chairman G.T. Thompson.

In laying out a broad crypto-friendly agenda, Sacks pledged to work diligently to create "a golden age in digital assets."

To that end, Sen. Bill Hagerty (R-Tenn.) on February 3 filed a bill, dubbed the GENIUS Act, to set up U.S. oversight of stablecoin issuers that would split regulation between state agencies, the Federal Reserve, and the Office of the Comptroller of the Currency.

Stablecoins are seen as a critical financial tool for cross-border payments, decentralized finance, and global trade. The White House believes that through effective regulation, the U.S. can solidify its leadership in the financial sector while maintaining control over digital transactions.

Well-defined rules, the panel said, within a transparent regulatory environment should enable crypto businesses to operate with confidence and legal certainty and push bad actors out of the marketplace.

Officials confirmed that the working group would also be evaluating President Trump's proposal for creating a U.S. Bitcoin Reserve. Such a Reserve would diversify U.S. reserves in a digital-first global economy, strengthen the U.S. position in crypto markets by legitimizing Bitcoin as a financial asset, and attract investment in blockchain infrastructure, driving technological advancements.

The panel may also look into creating a sovereign wealth fund.

Some have expressed caution over reliance on Bitcoin, whose origin and management remain a closely guarded secret. Hedge fund manager Kyle Bass recently sparked discussions on social media, suggesting that "Satoshi Nakamoto" and Bitcoin itself might be creations of MSS, the Chinese intelligence service.

Bass fears that "Satoshi" may have been created to potentially disrupt the economic dominance of the U.S. and undermine the value of the U.S. dollar globally. If true, the push toward U.S.-based stablecoins is even more vital to national security.

JAN3 CEO Samson Mow notes that China in 2017 instituted a ban on crypto initial coin offerings and has taken progressively stricter measures toward cryptocurrencies that today include a comprehensive prohibition of trading and mining. Instead, China is developing its own digital currency now known as the e-yuan.

This expert opinion on Bitcoin's origin was recently reinforced by China-based DeepSeek's astounding success. While Bitcoin dipped below $100,000 earlier this week as the artificial intelligence model began gaining popularity across the U.S. market, a move to purchase bitcoins for any National Crypto Stockpile may drive Bitcoin to a price above $1 million, creating a trillion-dollar windfall for Chinese Intelligence.

The "lone gunman" theory that Bitcoin is the work of a single anonymous programmer - a lone genius skilled in cryptology, finance, and spycraft - defies logic, suggested Unicoin CEO Alex Konanykhin.

"What are the chances that a mysterious 'Satoshi Nakamoto' not only managed to create a $2 trillion currency and conceal his identity from the world but also refuses to use his crypto wealth that exceeds $100 billion?" he stated.

The Chinese Intelligence theory is incomparably more plausible. Cryptology and covert operations are core competencies of spy agencies. MSS, if behind Bitcoin, could have deployed it strategically and covered its tracks. Well-funded by the government, this agency has no pressure to cash out its 1.1 million bitcoins prematurely.

National security considerations are likely to compel U.S. legislators to prioritize the "Made in America" cryptocurrencies for the proposed National Crypto Stockpile. To turn America into "the Crypto Capital of the Planet", as envisioned by President Trump, the priority must be given to cryptocurrencies that are U.S.-registered, U.S.-based, U.S.-regulated, U.S.-audited, and U.S.-publicly reporting.

Bitcoin may not possibly remain a leading cryptocurrency, as it's antiquated, cost-prohibitive, and not scalable. And it is controlled by an anonymous "individual" whose motives are unknown.

As Hollywood dominates entertainment worldwide, and Silicon Valley dominates the IT business, U.S. crypto companies must dominate the currency market of the 21st century. It's an objective as vital, and as consequential, as the U.S. dollar's dominance among fiat currencies.

Duggan Flanakin is a policy analyst for CFACT.