David Sacks recently appeared at a press conference, discussing President Donald Trump’s directive regarding evaluating a digital asset reserve.
Last month, Trump signed an executive order to create a working group for the digital asset markets. Its role includes researching and assessing the implications of a digital asset reserve.
Sacks Press Conference on Digital Asset Reserve
Sacks, White House AI & Crypto Czar and chairman of the working group, reiterated Trump’s directive during a press conference. According to him, the U.S. President instructed government officials to evaluate the feasibility of a national digital asset reserve.
Interestingly, he mentioned ‘Bitcoin reserve’ instead of ‘digital asset reserve,’ which was highlighted in the executive order. This suggests Sacks is considering Bitcoin as the main asset of the reserve.
During the brief speech, Sacks disclosed that the group is still in its early stages and is awaiting the Senate’s confirmation of other key government officials included in the group.
Recall that the group features heads of several government agencies, including the SEC and CFTC. Currently, both commissions are headed by acting chairs, with the U.S. Senate yet to confirm their respective permanent heads.
He noted that no decision has been made regarding the reserve evaluation, as the structure is currently being set up.
Difference Between Digital Asset Reserve and SWF
Notably, he differentiated the concept of the Bitcoin reserve from that of the sovereign wealth fund (SWF).
“The concept of the Sovereign Wealth Fund is a little bit separate [from the Bitcoin reserve],” Sacks remarked.
While the Bitcoin Reserve is expected to invest and hold in Bitcoin and possibly other crypto assets, the SWF will likely involve broad investment strategies featuring the United States’ vast assets.
Contrary Speculations From Crypto Enthusiasts
Meanwhile, Sacks’ comment deviates from earlier projections from crypto enthusiasts, who speculated on what the Crypto Czar will discuss in his press conference.
In the build-up to the speech, popular crypto insider Andrew AP Abacus predicted that Sacks’ conference would be heavy on Bitcoin and timelines.
He suggested that the Crypto Czar will talk about SWF and Senator Cynthia Lummis’ proposed Bitcoin Act. Lastly, he emphasized that Sacks will not mention XRP during the speech.
Reacting, famous crypto lawyer Fred Rispoli dismissed this claim. However, he speculated that Bitcoin would not be the only cryptocurrency Sacks would reference in the speech.
Furthermore, he suggested that the Crypto Czar would mention the term ‘other digital assets’ instead of explicitly mentioning XRP or any other altcoin.
On the contrary, Sacks, in his brief speech, talked about the evaluation of a Bitcoin reserve and did not mention other digital assets, including XRP.
My prediction is Bitcoin heavily referenced but not exclusively referenced. I wager the term "other/additional digital assets" appears frequently. Do not think $XRP or any other token gets a specific call out. https://t.co/N6ssJrd6zp
— Fred Rispoli (@freddyriz) February 4, 2025
Debate About XRP Inclusion in Reserve
Discussions about the potential inclusion of other cryptocurrencies like XRP into the national digital asset reserve have gained momentum recently.
While Bitcoin advocates contend that the reserve will feature only BTC, other crypto stakeholders like Ripple CEO Brad Garlinghouse are pushing for a diversified reserve that will include multiple cryptocurrencies, including XRP.
As reported earlier, Garlinghouse confirmed that he met with Trump to advocate for a diversified digital asset reserve.
However, this led to a major feud between XRP and Bitcoin enthusiasts, resulting in a war of words. In the meantime, the presidential working group is still setting up its structure to commence operations soon.
Within 180 days of the executive order, the group will submit a comprehensive report detailing a federal regulatory framework for the digital asset market and its decision concerning the reserve.
Whether the group will advise Trump to establish the reserve and include multiple digital assets remains to be seen.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
