US Crypto czar Sacks says banks, crypto will merge into 'one digital asset industry'

In an interview from the WEF in Davos, David Sacks addressed disputes over stablecoin yield and the crypto market structure legislation that's stalled in the US Senate.

White House crypto czar David Sacks said banks and crypto companies will ultimately merge into “one digital asset industry” once Congress passes the long-delayed market structure bill.

The comments came during an interview on CNBC’s Squawk Box on Wednesday at the World Economic Forum (WEF) in Davos, Switzerland, where Sacks was asked about the negotiations around the proposed CLARITY Act, a market structure bill that has stalled amid debate over whether stablecoin issuers should be permitted to offer yield.

Sacks said the yield debate has become the primary obstacle to advancing the legislation, but noted that lawmakers, banks and crypto companies must compromise to get a market structure bill to US President Donald Trump to sign into law.

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