TLDR
- Trump announced plans to sign a major cryptocurrency market structure bill very soon.
- He emphasized that the U.S. must remain the global leader in cryptocurrency innovation.
- Trump highlighted the GENIUS Act, signed last year, as a step toward stronger crypto regulation.
- Bitcoin prices surged past $90,000, adding to the momentum for clearer crypto regulation.
- Trump acknowledged the geopolitical importance of crypto, particularly in competition with China.
- He criticized the Biden administration for delaying their stance on cryptocurrency until the 2024 election cycle.
U.S. President Donald Trump announced that he aims to sign major cryptocurrency market structure legislation “very soon.” He emphasized that digital assets are not only a political priority but also a crucial element in the U.S. economic competition with China. Speaking at the World Economic Forum in Davos, Switzerland, Trump presented crypto regulation as key to preserving U.S. leadership in financial innovation.
Trump Pushes for U.S. to Lead in Crypto Innovation
During his speech, Trump made it clear that the U.S. must remain at the forefront of cryptocurrency innovation. He pointed to the rising popularity of digital assets and expressed a strong commitment to ensuring the U.S. stays the crypto capital of the world.
“To unleash innovation and savings and financing, I’m also working to ensure America remains the crypto capital of the world,” he said.
Trump highlighted the progress made in legislation for stablecoins with the GENIUS Act, signed last year. He explained that this was a crucial step in creating a more structured crypto market in the U.S. and noted that broader regulations are on the way.
“Congress is working very hard on crypto market structure legislation, Bitcoin, all of them which I hope to sign very soon,” Trump stated.
Bitcoin Bill and Geopolitical Strategy
The cryptocurrency market structure bill has been a key focus of U.S. lawmakers. Trump’s comments came at a time when Bitcoin prices surged past $90,000, fueling optimism in the crypto space. The proposed legislation would determine whether digital assets like Bitcoin fall under securities or commodities laws, impacting how the sector is regulated.
Trump also noted the geopolitical aspect of the issue, referencing China’s interest in dominating the crypto market.
“China wanted that market too,” he said. “It’s just like they want the AI. And we’ve got that market, I think, pretty well locked up.”
He made it clear that maintaining dominance in the crypto space is essential for national security.
Political Backing and Biden’s Crypto Position
Trump acknowledged the political benefits of supporting cryptocurrency regulation. He said that crypto has delivered “tremendous political support” but emphasized that geopolitical competition with China is the driving factor. His comments also took aim at the Biden administration, claiming that Democrats only softened their stance on crypto as they approached the 2024 election cycle. “All of a sudden they loved it very much, but it was too late,” Trump said.
The Trump administration’s push for clearer crypto regulation is gaining traction as lawmakers continue to negotiate how to regulate the sector. With a growing number of political action committees supporting crypto-friendly candidates, the 2024 election cycle saw millions of dollars in crypto-backed donations.
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