“Crypto Tsar” Resigns: Political Show Ends, How Much Is Trump's Crypto Promise Left?
Author: web3_golem
Original title: “The Crypto Tsar” Resigns: The 130-Day Political Show Is Over, How Much Is Trump's Crypto Promise Left?
“Crypto Tsar” David Sacks is leaving. David Sacks explained that he stepped down from the relevant position because he had reached the 130-day term limit for special government employees, and he will continue to participate in relevant government affairs as co-chairman of the President's Science and Technology Advisory Committee in the future.
On December 6, 2024, Trump announced the appointment of David Sacks as the White House's head of artificial intelligence and cryptocurrency affairs. Because Trump directly called him “White House A.I. & Crypto Czar,” David Sacks received the title “Crypto Czar.”It's not an official title; it's just a character whose influence David Sacks formalizedIn his letter of appointment, Trump specifically expressed his expectations for David Sacks in the crypto field, “promoting the establishment of a clear legal framework to provide the cryptocurrency industry with the clarity it has long needed so that it can thrive in the US.”
In terms of motivation, in 2024, Trump made a number of crypto promises to gain the support of the US crypto community, so after successfully taking office as president, he needed a competent person to help him fulfill these promises. David Sacks is the policy enforcer chosen by Trump.
David Sacks did indeed live up to Trump's expectations and achieved some political results during his 130-day term:Banning CBDCs, holding the first White House crypto summit, establishing the US Strategic Bitcoin Reserve Act, and facilitating the passage of the Clarity Act.
David Sacks has basically fulfilled several promises made to the crypto industry during Trump's campaign, so many people are willing to write a winning story about his tenure. On the surface, it looks like this, but in reality, looking back at all of the things David Sacks did for the crypto industry, they all had a characteristic --There are plenty of political statements, but the crypto industry's sense of gain is very thin。
In these 130 days, David Sacks wasn't reshaping the crypto industry; he was just completing a crypto political show for Trump.
1. White House Crypto Summit = Trump Extravagant Meeting
Famous scenes from this show include the White House Crypto Summit, which was ostensibly full of sincerity, and actually sneaked around the whole time and only shouted slogans.(Related reading:White House Cryptocurrency Summit: A Political Show of Whispering Horses and Shouting Slogans）
On March 7, 2025, David Sacks invited a number of crypto companies and industry figures to the White House on behalf of Trump, including a16z partner Chris Dixon, CEO of Ripple, CEO of Robinhood, Strategy founder Michael Saylor, CEO of Coinbase, etc., as well as a number of US government officials, including Trump and the Treasury Secretary.
Cryptographers went to Washington. It's not that this incident hasn't happened before, but before, most of them went to hearings, scolded, and explained whether they were actually fraudsters. This time was different. The scene changed from a hearing seat to the White House, and the atmosphere changed from a fierce battle to a decent group photo. For the first time, cryptographers were treated as “guests” by the US government. David Sacks sat next to Trump, like a general director responsible for the conversation.
David Sacks sits on Trump's left during the White House crypto summit
What was said on the scene at such a high-end and highly anticipated government crypto conference?
Daily Planet Daily's reporter recorded watching the live broadcast that night. Everyone was filming Trump's ass the whole time, claiming to be a closed-door meeting to define the direction of crypto regulation for the next four years. No substantive policy documents were released throughout the event. Due to the disparity between the content of the conference and market expectations, the crypto market also immediately declined on the same day according to OKX market conditions after the summit.
Of course, this summit is symbolic, but the problem is that it is only symbolic. It has shown Trump's side by side, yet the things that the industry wants most, such as uniform, stable, and predictable regulatory boundaries, such as long-term rules that allow institutions to enter the market with peace of mind, such as the project parties don't have to guess every day what the SEC and CFTC will change their tone tomorrow, still haven't really arrived. It was a lively event, full of emotions, and what finally fell on the industry was the news side.
If I had to ask why this conference was so empty, it was because the conference itself wasn't planned in advance. Trump's original promise during the election campaign was to establish a cryptocurrency commission to allow crypto industry leaders to have direct and continuous dialogue with the White House and the President, but this did not happen for many reasons. That's why they temporarily held a crypto summit to make up for it, and they claim that it will continue to be held in the future, but so far the White House has never hosted a second crypto conference of the same level.
2. Bitcoin Strategic Reserve = Save Bitcoin in another drawer
The second major thing David Sacks is promoting implementation, the US strategic Bitcoin reserve, is seriously not a performance, but a piece of magic.
A few hours before the White House crypto summit, Trump signed an executive order to establish a strategic Bitcoin reserve, but after the news came out, the price of Bitcoin fell. The core reason is that David Sacks explained that the Bitcoin strategic reserve comes from bitcoins confiscated by the US government during previous criminal or civil asset forfeiture procedures, not newly purchased bitcoins, and did not cost taxpayers a penny.
Although the Ministry of Finance and the Ministry of Commerce were authorized to study a “budget-neutral” additional coin purchase strategy in the order, no clear timeline or size of the purchase was given. As a result, the Bitcoin strategic reserve stated to the market that I will not sell bitcoins anymore, but I will never buy bitcoins again.
Trump signs Bitcoin strategic reserve executive order
Did David Sacks do this beautifully? Of course, it's beautiful for Trump; it didn't cost a dime to make the promise come true.However, for the crypto industry, it only has symbolic significance. What the market originally expected was that the US government would increase its Bitcoin holdings, inject liquidity and endorsements into the market, and finally get “put the originally sealed bitcoins in a drawer.”。
3. The Genius Act is the real achievement
The GENIUS Act could be David Sacks' true exploits as the crypto czar.
On July 18, 2025, Trump officially signed the “GENIUS Act” in the East Hall of the White House, making it officially a signed law. It has not only symbolic significance, but also practical significance. Judging from the industry's impact, the “GENIUS Act” established a federal-level framework for US dollar stablecoins, which means that stablecoins have gone through a stage of barbaric growth, entered the scope of compliance, and become a new financial instrument with federal legal endorsement.
David Sacks didn't do this alone, but he did take credit. However, another bill, the “CLARITY Act,” the twin brother of the “GENIUS Act,” is still difficult to produce. The “CLARITY Act” and the “GENIUS Act” were passed by the US House of Representatives on July 18, 2025, but until now they have not gone through the Senate process, but they have always been at an impasse in negotiations between the banking industry and the crypto industry.
Trump signs GENIUS Act
David Sacks has vowed that the CLARITY Act and the GENIUS Act will pass within the first 100 days of the current administration. Looking at it now, it's being severely punched in the face.
The CLARITY Act doesn't pass the David Sacks card, but of course he also bears some responsibility, just as he was able to get some credit after the GENIUS Act was passed. The White House Digital Asset Task Force, led by David Sacks, clearly refers to the “CLARITY Act” as an “excellent foundation”. Since the White House has taken it as the core draft of market structure legislation, then it later stuck. Can David Sacks be a completely unrelated bystander?
The bill's core impasse focuses onThe conflict between the banking industry and the crypto industry over the life span of stablecoins,Looking at the latest revised text, it was the bank that won. On March 25, Circle (CRCL) stock price fell 18%, while Coinbase (COIN) fell about 8%. Also, if such a CLARITY Act were to pass, it would be a blow to DeFi as a whole. (Related reading:CLARITY Act Rewrites DeFi's Life and Death Book: Circle Eats Meat, DeFi Tokens Lose Blood）
This is not the same as the original script advocated by Trump and David Sacks that is beneficial to the crypto industry.It's ironic that a bill to promote the development of the crypto industry ended up benefiting banks rather than the crypto industry.
On March 4, in the midst of his busy schedule, Trump didn't forget to mention the crypto industry. He posted an article on Truth Social称The US must pass the CLARITY Act as soon as possible, and Americans should get higher returns on their capital. Looks like Trump is still concerned about the crypto industry, but it wasn't until March 24, when the latest revised text of the bill was announced that we were able to clearly see the original and “symbolic” statement.
Now, the “crypto president” Trump has completely shut down. As for David Sacks, the White House actually wrote the script for him a long time ago. As the crypto tsar, he stood in front of the stage and translated Trump's campaign slogan “Make America the Global Crypto Capital” into a few decent political moves. It's almost time to retire. David Sacks, who is now the co-chairman of the President's Science and Technology Advisory Council, said he will continue to work on artificial intelligence policies and technology strategies in the future, without even mentioning encryption.
The former crypto tsar is gone, and Trump's ambiguous relationship with cryptocurrencies has come to an end.
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