US Crypto Czar: 'Fed is Rolling Back Biden-era Virtual Asset Regulations'

The Federal Reserve (Fed) of the United States has announced its intention to roll back regulations related to banks' activities concerning virtual assets (cryptocurrencies) and dollar-based tokens. David Sacks, the 'Crypto Czar' who handled virtual asset and AI policies during the Trump administration, evaluated that "the Fed is reversing regulations introduced during the Biden administration."

On the 25th (local time), he claimed on his X (formerly Twitter) that "the regulations being rolled back were part of 'Operation Choke Point 2.0' (a policy where the government restricts bank access to pressure the virtual asset industry)."

He added, "The opening of the banking industry to virtual assets could further promote the mainstream adoption of virtual assets."