David Sacks, the White House’s crypto czar, provided an update on digital asset coordination in Washington via social media platform X on Feb. 14. He stated: The inter-agency Working Group on Digital Assets is working well together to implement the President’s agenda. Praising the efforts of Bo Hines, the executive director of the group, Sacks described: “Bo Hines is doing a fantastic job as Executive Director keeping everyone coordinated.” He added that “some important announcements are coming soon.”
In December 2024, Trump appointed Hines as the executive director of the Presidential Council of Advisers for Digital Assets, commonly referred to as the “Crypto Council.” This council is chaired by Sacks. Hines, a former Republican congressional candidate from North Carolina, is tasked with collaborating with Sacks to promote innovation and growth in the digital assets sector, ensuring industry leaders have the necessary resources to succeed. Sacks’ remarks were in response to a report by Fox Business journalist Eleanor Terrett, who examined concerns about the number of regulatory bodies involved in shaping crypto policy.
Terrett noted that despite the presence of multiple entities—including the U.S. Securities and Exchange Commission (SEC) crypto task force, the Commodity Futures Trading Commission (CFTC) pilot program, the Presidential Working Group, and the Bicameral Working Group for Digital Assets—collaboration has been effective. She reported: Surprisingly, there’s a lot of coordination happening. These groups are actually talking to and working with each other.
Additionally, she revealed that Hines “recently met with the head of the SEC’s crypto task force Hester Peirce and Acting CFTC Chair Caroline Pham.” Industry representatives, including those from the Blockchain Association and the Chamber of Digital Commerce, have also been involved in discussions covering various regulatory topics, such as staking within exchange-traded funds (ETFs).
Some of these members will participate in a CEO forum at the CFTC to discuss “tokenized assets and how stablecoins can act as a form of collateral in futures markets.” Lawmakers have also emphasized the importance of collaboration. Citing Representatives French Hill and Bryan Steil, Terrett noted: House members of the Bicameral Working Group for Digital Assets are working ‘in lockstep’ with their Senate counterparts and the Presidential Working Group on crafting legislation.
