In crypto news, US President Donald Trump’s administration, as stated by crypto czar David Sacks, plans to regulate stablecoins and transition the market onshore, focusing largely on US dollar-backed digital assets. Sacks emphasized that the stablecoin market, currently a $227 billion industry primarily offshore, can enhance the US dollar's global dominance and potentially create significant new demand for US Treasurys. Additionally, the SEC has begun scaling back its crypto unit amid leadership changes, evaluating the security status of cryptocurrencies, and considering retroactive relief for token offerings. SEC Commissioner Hester Peirce announced that the newly formed Crypto Task Force would seek clarity in the regulatory environment pertaining to digital assets, stressing the importance of categorizing crypto assets correctly under US securities laws. This effort is a response to previous criticisms regarding regulatory ambiguity in the crypto space.

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