US President Donald Trump once again made his stance on cryptoassets clear. In a 90-second video message sent to the State of Crypto Summit event organized by Coinbase, Trump stated that being called the “crypto president” is an honor.
Trump reiterated the goal of ending the previous administration’s “war on crypto” policy in his speech and stated that they would establish a working group to evaluate digital assets. He also referred to new regulations on the Congressional agenda.
“Our administration is working with governors to pass the GENIUS Act, which supports the creation of dollar-backed stablecoins. Additionally, we will create clear and simple market frameworks that will ensure America leads in the future of crypto and Bitcoin,” he said. Despite the scattered nature of the applause, it rose in the hall following this announcement.
The GENIUS Act discussed in the Senate will be put to a vote today. This step follows a compromise reached on Wednesday. Meanwhile, two important House committees also advanced a bill regarding market structure on Tuesday.
Trump also claimed that he has created the “U.S. Strategic Bitcoin Reserve” and “U.S. Digital Asset Stock” through a presidential decree, even though it has not yet been officially established.
After Trump’s statements at the event, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, who has just completed the IPO process, also took the stage. Both individuals stated that cryptoassets could play a larger role in the global financial system.
*This is not investment advice.
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