Donald Trump has acknowledged the progress that the US has made towards boosting the crypto industry in the country. The US president also discussed why the US had to act fast to lead the way in crypto and praised Bitcoin’s role in complementing the dollar.
Donald Trump Highlights US Progress Towards Crypto
In a White House press conference, the US president stated that they have created a very powerful industry in terms of crypto. He further remarked that if they didn’t have crypto, China would, indicating his country’s dominance over its economic rival. The president also affirmed that crypto is a very “big” industry.
Donald Trump also heaped praise on Bitcoin, describing the flagship crypto as amazing. He alluded to the jobs that the crypto asset has created and how it has become a payment method, while taking the pressure off the dollar. He declared that BTC’s emergence is a “great thing” for the US.
Furthermore, the president touched on his role in building the crypto industry in the US, as the industry wasn’t doing well under Joe Biden’s administration. Trump had declared before now that he intends to make the US the crypto capital of the world.
As part of this move, the president has already signed an executive order to establish a Strategic Bitcoin Reserve. Senator Cynthia Lummis has already introduced the BITCOIN Act to provide legislative backing to create this reserve. Under this proposed legislation, the US would acquire up to 1 million BTC over a five-year period.
Additionally, the US Congress has introduced the GENIUS Act and CLARITY to provide regulatory clarity to the crypto industry, aligning with Donald Trump’s vision. The Senate has already passed the GENIUS Act, which will regulate the stablecoin industry. The stablecoin bill is now in the US House for deliberation.
As CoinGape reported, the US President ordered the House to pass the stablecoin bill quickly and bring it to his desk as soon as possible. He also stated that they shouldn’t make any add-ons to the bill, as he believes it is perfect just the way it is.
