David Sacks, a crypto and AI advisor to the White House, has stated that the boundaries between traditional banks and the crypto industry in the U.S. will gradually disappear as Congress advances new market structure legislation. Sacks envisions a future where banks enter the crypto market by issuing stablecoins, using them as tools to offer yields and compete with fintech companies.
The proposed legislation aims to ensure equal regulation for similar products, balancing various interests while paving the way for increased institutional investment in the crypto market. This development is expected to foster the emergence of a unified "digital asset industry."
White House Advisor Predicts Convergence of Traditional Banks and Crypto
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