Ripple Chief Executive Brad Garlinghouse has disapproved of the crypto community’s negative reactions to White House Crypto Czar David Sacks’ inaugural public address.
According to Garlinghouse, the industry’s negative reaction towards Sacks’ statements showed shortsightedness. He highlighted the importance of receiving public promises from senior politicians about crypto regulation laws as his main victory.
Crypto Community unimpressed by sacks’ Remarks
At the Capitol Hill press conference Sacks appeared alongside major lawmakers including Tim Scott and two other legislators in addition to French Hill and John Boozman and GT Thompson. The administration was searching for creating a Strategic Bitcoin Reserve according to Sacks although they did not establish formal regulatory mandates. Many people from the cryptocurrency community displayed negative reactions after Sacks failed to provide measurable action which they saw as an indicator of weak Bitcoin support.
According to macro analyst Jim Bianco, Bitcoin prices decreased by 5% during the announcement. Bianco said the use of evaluative terms might indicate that the Federal Reserve needs more time to deliberate any meaningful changes. Several investors were surprised by the administration’s forceful stance regarding other policies but its reluctance regarding cryptocurrency.
Industry leaders express doubts
Numerous leading personalities in the crypto business expressed doubt about the event. Attorney John Deaton of XRP used a laughing emoji to respond to the Bitcoin store of value questions which Binance founder Changpeng Zhao also questioned. The administration received criticism because its strategy showed weak commitment and failed to deliver the industry’s necessary guidelines.
While participating in the event, Sacks addressed questions regarding crypto-specific anti-money laundering strategies. He stated that funding fraud occurs in every financial network, thus indicating the administration would not focus specifically on cryptocurrency. The uncertainty made people question whether crypto would achieve full integration into the United States economic system or become excluded.
Lawmakers address regulatory concerns
John Boozman, chair of the Senate Agriculture Committee, explained how his committee got involved in cryptocurrency regulatory work. According to him, the CFTC regulates commodities, and certain digital assets fall under its supervisory power. The SEC and CFTC have established a cooperation method to prevent previous conflicts that delayed regulatory advancement.
The SEC is undergoing leadership changes, with acting chair Mark Uyeda holding the position until Paul Atkins is confirmed. A new crypto task force, led by Hester Peirce, has been formed to address regulatory concerns. Sacks acknowledged the need for regulatory reform, stating that many crypto founders were unfairly targeted under the previous SEC leadership.
Despite criticism, some industry leaders remain optimistic. BitMEX founder Arthur Hayes believes Bitcoin will benefit in the long run as inflationary pressures push more investors toward digital assets. While doubts persist, many in the industry are watching closely to see if the administration follows through on its commitments.