'Banks Are Going To Get Fully Into Crypto:' David Sacks Predicts Unified Digital Assets Industry

Benzinga_recent_news01-22

David Sacks, the Trump administration's AI and crypto czar, has predicted that banks will become fully involved in the crypto industry, paving the way for a unified digital assets sector. The ...

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Banks argue such programs bypass yield restrictions, while crypto firms defend them as essential revenue features for decentralized finance.\nIn an interview with CNBC’s Squawk Box, Sacks discussed the ongoing debate over stablecoin regulation in the U.S.\n\"The banks are going to get fully into the crypto industry. So we're not going to have a separate banking industry and crypto industry. It's going to be one digital assets industry,\" Sacks said.\nHe also emphasized the need for a compromise to ensure the passage of a market structure bill, expressing his support for a solution and urging both parties to consider the bigger picture.\n“I’m in favor of reaching a solution and facilitating a compromise so that we can get a bill for market structure on the president’s desk.”\nWhen asked about a potential compromise, Sacks noted that banks must recognize that yield is already a feature of the Genius Act, signed into law in August. \nHe further added that banks will eventually support offering yield payments once they enter the stablecoin business.\nPresident Donald Trump has also expressed support for the market structure legislation during his Wednesday speech at the World Economic Forum in Switzerland.\nSacks’ prediction aligns with the views of other industry leaders. \nMonica Long, president of Ripple (CRYPTO: XRP), predicted that by the end of 2026, half of the Fortune 500 companies will have formal crypto strategies in place, with stablecoins becoming the standard for global payments.\nMeanwhile, Mike Novogratz, CEO of Galaxy Digital Inc. (NASDAQ: GLXY) has also stated that the crypto industry will have to compromise on the controversial stablecoin rewards clause in the market structure bill, suggesting that the industry will eventually have to find common ground with the banking lobby.\nPhoto: Shutterstock\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2605679014","isCrawlerRequest":true}