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White House Crypto Czar Predicts Convergence of Banks and Crypto Industry

White House Crypto Czar Predicts Convergence of Banks and Crypto Industry

Author:

Global Cryptocurrency

Published:

2026-01-22 04:41:01

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BTCCSquare news:

David Sacks, the WHITE House AI and Crypto Czar, declared during a CNBC interview that traditional banks and cryptocurrency firms will eventually merge into a unified digital asset industry. His remarks coincided with the World Economic Forum in Davos, where financial innovation took center stage.

The banking sector has intensified lobbying efforts to protect margins, seeking amendments to the Clarity Act that WOULD restrict crypto firms from replicating their business models. The American Bankers Association reported spending over $2 million in 2025 on related lobbying efforts.

Sacks urged crypto industry support for the Clarity Act, currently delayed due to debates about permitting stablecoin issuers to offer yield products. This legislative bottleneck highlights the tension between innovation and regulatory control in digital finance.

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