U.S. lawmakers are scheduled to meet with David Sacks, the White House AI and crypto "czar," to discuss potential crypto legislation, according to recent reports. This meeting comes as the Trump administration is pushing for the U.S. to take a leading role in the digital asset space.

David Sacks, a venture capitalist and former PayPal executive, was appointed by President Trump to guide policy on both artificial intelligence and cryptocurrency. Trump has stated Sacks will work on creating a legal framework that provides clarity for the crypto industry, enabling it to thrive in the U.S.

Sacks and congressional lawmakers announced initiatives aimed at establishing a "golden age" for digital assets in the U.S. Sacks has expressed his eagerness to collaborate with Congress in order to achieve this goal. To this end, Sacks joined Senate Banking Committee Chairman Tim Scott, Senate Agriculture Committee Chairman John Boozman, House Financial Services Committee Chairman French Hill, and House Agriculture Committee Chairman G.T. Thompson at a press conference on Capitol Hill. These committee leaders are forming a bicameral committee to spearhead crypto regulation, prioritizing stablecoin and market structure legislation.

The discussions are expected to build upon previous legislative efforts, including the "Financial Innovation and Technology for the 21st Century Act" (FIT21), which was passed by the House Financial Services Committee last year. Senator Bill Hagerty's stablecoin bill is also expected to serve as a starting point for new legislation. Senate Banking Chairman Tim Scott aims to move the bills through the Senate swiftly.

The Trump administration is considering the feasibility of a Bitcoin reserve. Sacks, who also heads the White House's artificial intelligence initiatives, confirmed that the Presidential Working Group on Digital Assets is examining this possibility.

These developments follow a series of crypto bills that advanced in the House, aimed at establishing regulatory frameworks for digital currencies. One such bill, the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" (GENIUS Act), has already been sent to President Trump's desk after passing with bipartisan support. This law would set federal standards for stablecoins, requiring issuers to hold reserves equivalent to the value of the stablecoins offered.

Another bill, the "Digital Asset Market Clarity Act," seeks to clarify when a cryptocurrency is a security or a commodity, thus clarifying which regulatory body, the SEC (Securities and Exchange Commission) or the CFTC (Commodity Futures Trading Commission), has jurisdiction.

Despite this progress, some critics have expressed concerns that the proposed laws may not go far enough to prevent illicit financial activities. Rules regarding insider trading and market manipulation in the crypto space are weaker compared to traditional financial markets.

Even with a government shutdown, White House official Patrick Witt said that major crypto legislation is "full steam ahead". Witt noted that the shutdown has both helped and hindered negotiations, but that progress was still being made on the Clarity Act.

Senator Elizabeth Warren has raised concerns regarding potential conflicts of interest, calling for transparency and questioning the administration's approach to digital assets.