Ripple CEO Brad Garlinghouse has ripped into the crypto community for bashing David Sacks’ first major press conference on Capitol Hill yesterday, calling the backlash “shortsighted.”
Speaking after Sacks, the newly appointed White House Crypto Czar, faced heavy criticism for what many saw as a vague and uninspiring appearance, Garlinghouse said that:
“Having the Chair of Senate Banking, the Chair of House Financial Services, the Chair of Senate Agriculture, and the Chair of House Agriculture publicly commit to crypto legislation is not something we’ve ever seen before. This is a big deal.”
Crypto community thinks Trump is deliberately sidelining Bitcoin
Crypto Twitter was in full roast mode after Sacks failed to provide hard regulatory clarity or any immediate breakthroughs. Instead, he confirmed that the administration was “evaluating” the possibility of a Strategic Bitcoin Reserve—something that didn’t sit well with anyone, except for Brad, apparently.
Sacks stood in front of reporters on Capitol Hill, flanked by key lawmakers like Tim Scott, French Hill, John Boozman, and GT Thompson. When asked about Trump’s campaign promise to establish a Bitcoin reserve, Sacks said, “One of the first things we’re reviewing is the feasibility of a Strategic Bitcoin Reserve.”
He admitted that the review was still in its early stages, waiting on several key officials to be confirmed before they could move forward. Classic, huh?
Macro analyst Jim Bianco slammed the vague language. “Wait, Trump said he’d do a Bitcoin reserve, not promise to ‘evaluate’ it. ‘Evaluate’ is D.C. code for ‘we don’t actually want to do this,’” he tweeted. He pointed out that Bitcoin prices had already dropped by about 5% since Sacks’ announcement.
“How can Trump be aggressive on everything else—shutting down USAID, slapping tariffs on China, unleashing Tom Homan on deportations—but act so timid on Bitcoin?” Bianco asked.
XRP lawyer John Deaton simply reacted with a laughing emoji after one user sarcastically commented, “This press conference could have been an email.” Another user finished the sentence by saying, “…or even a tweet.”
— John E Deaton (@JohnEDeaton1) February 4, 2025
Binance founder and former CEO Changpeng ‘CZ’ Zhao also chimed in to react to a video that shows Sacks responding to a question to say Bitcoin was a good store of value. CZ said, “Why do people even ask, ‘Is Bitcoin a good store of value?’” and sarcastically attached an image of Bitcoin’s chart that shows its price action.
During the press conference, Fred Peterson from Punchbowl News pressed Sacks on whether crypto-specific anti-money laundering (AML) measures were part of the administration’s plans. Sacks responded, “We’re open to discussions, but this isn’t just about digital assets. Bad actors exist in all financial systems.” You guys seeing the pattern here?
Why do people even ask, "Is Bitcoin a good store of value?" 🤷♂️ https://t.co/SeLGMrMSf2 pic.twitter.com/6topWdyqZy
— CZ 🔶 BNB (@cz_binance) February 5, 2025
This left investors uncertain about how serious the administration really was about integrating crypto into the national financial strategy or just messing with us. It has been speculated by Ethereum’s legendary creator Vitalik Buterin before that Trump wasn’t as into Bitcoin as the community seems so desperate to believe.
BitMEX founder Arthur Hayes said he expected this from the administration, but that in the long run, he is still super bullish on Bitcoin because fiat returning will resume regardless of Elon Musk and the president’s cost-cutting plans. This would of course shoot up inflation, and when inflation rises, so too does Bitcoin.
Meanwhile, John Boozman, Chair of the Senate Agriculture Committee, explained why his committee was even involved in crypto legislation. “The CFTC oversees commodities, and some digital assets fall under that jurisdiction,” he said.
Boozman promised that collaboration between the SEC and CFTC would prevent the jurisdictional battles that have slowed progress in the past. The SEC is undergoing a major leadership change. With Mark Uyeda serving as acting chair until Paul Atkins is confirmed by the Senate, the commission has formed a dedicated crypto task force, led by Hester Peirce—nicknamed “Crypto Mom” for her pro-crypto stance.
Hester’s team is tasked with reversing the damage done under former SEC Chair Gary Gensler, whose harsh regulatory tactics pushed many crypto projects offshore. “I’ve spoken to many founders who said they were prosecuted without being told what they did wrong. Some were even debanked just for starting crypto companies,” Sacks said at the press conference.
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