Crypto Shakeup: David Sacks Pushes for Clear Rules as SEC Eyes ICO Comeback

In a bold move to reshape the digital asset landscape, U.S. “crypto czar” David Sacks and Republican lawmakers announced plans to push forward two major crypto bills. Their goal? To finally bring regulatory clarity to a market that has long operated in a state of uncertainty.

The proposed legislation, set to be crafted by a new bicameral working group, aims to establish clear rules for stablecoins and broader cryptocurrency regulations. While similar efforts have failed in the past, the political landscape has shifted dramatically following the November 5 elections, with Republicans gaining control of both Congress and the White House—potentially paving the way for these bills to gain traction.

“I’ve spoken to many crypto founders over the years, and their number one request has been regulatory clarity,” Sacks stated during a press conference. Flanked by key GOP lawmakers, including Senators Tim Scott and John Boozman, as well as Representatives French Hill and Glenn Thompson, Sacks emphasized the need for well-defined rules to prevent further industry stagnation.

SEC Signals Possible ICO Revival

In a surprising twist, SEC Commissioner Hester Peirce announced that the agency’s recently formed “crypto task force” would evaluate the potential return of initial coin offerings (ICOs). Once a favored fundraising method in the blockchain space, ICOs have largely disappeared due to regulatory crackdowns over securities law violations. A potential comeback could inject fresh capital into the market—but with stricter compliance measures.

Trump’s Bold Crypto Promises Take Shape

President Donald Trump, who courted the crypto industry during his campaign with promises of a “strategic national Bitcoin stockpile” and pro-crypto regulations, recently signed an executive order demanding a sweeping overhaul of crypto policy. Under this directive, key federal agencies—including the Treasury Department, Department of Justice, and SEC—must propose updates to digital asset laws within 60 days. Additionally, a newly established working group, led by Sacks, is tasked with crafting a federal regulatory framework for stablecoins and digital assets within 180 days.

Industry Reactions: Opportunity or Overreach?

While many in the crypto space have welcomed the push for clearer regulations, not everyone is on board. A previous bill, co-sponsored by Rep. Patrick McHenry, sought to resolve the ongoing power struggle between the SEC and the Commodity Futures Trading Commission (CFTC). While the bill received bipartisan support in the House last year, it ultimately failed in the Senate. Critics argue that such legislation risks handing regulators too much control over digital assets, potentially stifling innovation rather than fostering it.

Despite past setbacks, momentum appears to be building. Senator Bill Hagerty introduced a new stablecoin bill this week, with a similar House version expected soon. Senate Banking Committee Chair Tim Scott vowed to move quickly, setting a goal of advancing these bills within the first 100 days of the new administration.

BitGalactic’s Take: A Defining Moment for Crypto?

From BitGalactic’s perspective, these developments mark a crucial turning point. The potential return of ICOs could reignite innovation and investment in the space, but only if done under a regulatory framework that balances investor protection with market freedom. At the same time, the crypto industry must tread carefully—overly rigid regulations could curb growth, while too much flexibility might invite renewed scrutiny from regulators.

As the U.S. takes steps to establish a comprehensive crypto policy, the next few months will be pivotal. Will this be the moment digital assets finally gain mainstream legitimacy, or will regulatory overreach stifle their potential? The industry is watching closely.