President Donald Trump Cryptocurrency czar David Sacks is celebrating after the president signed an executive order seeking to clarify regulations on the industry on Thursday, prompting his embrace of the industry while hitting out at the Biden administration for pushing it away.

In an exclusive interview with Fox Business’ “Evening Edition” On Friday, Sacks said Trump’s actions showed he is following through on his campaign promise to make the United States the “crypto capital” of the world.

Sacks said Trump is Crypto It He directs his task force to produce a regulatory framework to encourage innovation and crypto in the United States, rather than driving the industry to other countries.

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“For the last four years, the Biden administration has basically been chasing and chasing crypto companies, really driving them offshore,” Sacks told host Edward Lawrence. “I’ve heard so many outrageous stories from founders, from entrepreneurs, the Biden administration wouldn’t tell them what the rules of the road were, and then they would be prosecuted. And what the industry wants more than anything else is a regulatory clarity.”

David Sacks, CEO of Zenefits, speaks during the TechCrunch Upheaval 2016 in San Francisco, California, USA on September 13, 2016. (Reuters/Beck Diefenbach/Reuters)

“They’re saying, just tell us what the rules are. We’ll enforce them,” Sacks said. And the Biden administration would never do that. And because of that, all the innovation was basically moving outside, and America was about to lose this technology of the future.”

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Trump’s order establishes the Presidential Task Force on Digital Asset Markets, which will develop a federal regulatory framework for digital assetsincluding stables, and evaluate the creation of a stock of strategic national digital assets. It will be chaired by the White House AI and Crypto Czar and will include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.