President Donald Trump's cryptocurrency czar, David Sacks, is celebrating after the president signed an executive order seeking to clarify regulations in the industry on Thursday, hailing his embrace of the industry while slamming the Biden administration for driving it away.

In an exclusive interview with FOX Business' "The Evening Edit" on Friday, Sacks said Trump's actions showed he is following through on his campaign promise to make the U.S. the "crypto capital" of the world.

Sacks said that Trump's crypto EO directs his working group to produce a regulatory framework to encourage innovation and crypto in the U.S., rather than driving the industry to other countries.

PROMINENT PRIVATE SECTOR INVESTMENTS MOUNT AMID TRUMP'S RETURN TO THE WHITE HOUSE

"For the last four years, the Biden administration has basically prosecuted and persecuted crypto companies, really driving them offshore," Sacks told host Edward Lawrence. "I've heard so many outrageous stories by founders, by entrepreneurs, the Biden administration would not tell them what the rules of the road were, and they would then get prosecuted. And what the industry wants more than anything else is regulatory clarity."

"They're saying, just tell us what the rules are. We will abide by them," Sacks said. And the Biden administration would never do that. And because of that, all the innovation was basically moving offshore, and America was about to lose this technology of the future."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Trump's order establishes the Presidential Working Group on Digital Asset Markets, which will develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a strategic national digital assets stockpile. It will be chaired by the White House AI and crypto czar and include the treasury secretary, the chairman of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.