US President Donald Trump released a prerecorded message for attendees of Coinbase’s State of Crypto Summit as Congress considers legislation to regulate payment stablecoins and establish a digital asset market structure framework.
In his second message directly addressing a crypto conference since becoming president in January, Trump said he was “not done” implementing crypto policies in the US government. These, according to the president, have included efforts through executive orders to establish a national Bitcoin (BTC) reserve, creating a working group on digital assets and nominating Paul Atkins to chair the Securities and Exchange Commission (SEC).
“My administration is working with Congress to pass the GENIUS Act supporting the creation of dollar-backed stablecoins, and we also will be working to create clear and simple market frameworks that will allow America to dominate the future of crypto and Bitcoin,” said Trump.
The president’s remarks to the summit attendees came as the Senate is expected to vote on the GENIUS Act to regulate payment stablecoins following a majority of lawmakers in the chamber invoking cloture on Wednesday. Lawmakers in the House of Representatives are considering the CLARITY Act as part of efforts to create a regulatory framework for digital assets, clarifying the roles the SEC and Commodity Futures Trading Commission (CFTC) would have.
Enough votes in the House and Senate to pass crypto bills?
As of Thursday, the Senate had not taken up a vote on the GENIUS Act. The CLARITY Act passed through committee on Tuesday, setting the bill up for a full floor vote in the House.
Some Democrats in both chambers have suggested they intended to oppose the bills without provisions to address Trump’s connections to the crypto industry. World Liberty Financial, the crypto platform backed by the president’s family, has issued its own stablecoin that could be used to personally enrich Trump while in office.
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The appearance at the Coinbase event marked the second time Trump directly addressed crypto users since taking office. He also spoke in a prerecorded message at the Digital Asset Summit in New York City in March and in person at the Bitcoin 2024 conference in Nashville as part of his presidential campaign.
The message to the crypto industry came as the president faces scrutiny after his spending bill passed in the House of Representatives, his spending of up to a reported $45 million for a military parade in Washington, DC, on Saturday, and deploying 4,000 National Guard troops to Los Angeles, saying it was in response to protests. An online feud between Trump and Tesla CEO Elon Musk last week over the spending bill and SpaceX’s government contracts also shook markets.
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