Trump hails US crypto industry growth, credits Bitcoin for easing dollar pressure, and touts economic benefits of digital assets.
The United States has made significant strides in fostering the crypto industry in the country, as Donald Trump has acknowledged. The US president also addressed the need for the US to act promptly to establish a leadership position in the crypto sector and commended Bitcoin for its ability to serve as a complementary currency to the dollar.
Donald Trump Emphasizes the United States’ Advancement in Cryptocurrency
The United States president declared during a press conference at the White House that they had established a highly influential crypto industry. He also stated that China would possess cryptocurrency if it did not have it, which underscores his nation’s economic superiority over its rival. The president also confirmed that the crypto industry is of significant size.
Donald Trump also praised Bitcoin, characterizing the flagship cryptocurrency as “amazing.” He mentioned the employment opportunities the crypto asset has generated and its status as a payment method, alleviating the pressure on the dollar. He declared that the emergence of BTC was a “great thing” for the United States.
Additionally, the president discussed his role in developing the crypto industry in the United States, which was not performing well during the administration of Joe Biden. Trump had previously declared his intention to establish the United States as the global crypto capital.
The president has already signed an executive order to establish a Strategic Bitcoin Reserve as part of this initiative. Senator Cynthia Lummis has already introduced the BITCOIN Act to secure legislative support for establishing this reserve. Under this proposed legislation, the United States would acquire up to 1 million BTC over five years.
Furthermore, the US Congress introduced the GENIUS Act and CLARITY to ensure that the crypto industry is regulated in a manner that is consistent with Donald Trump’s vision. The Senate has already enacted the GENIUS Act, which will regulate the stablecoin industry. The United States House of Representatives currently considers the stablecoin measure.
The US President directed the House to expedite the passage of the stablecoin bill and deliver it to his desk as soon as feasible. Additionally, he declared that the measure should not be amended, as he believes it is flawless in its current form.
