US President Donald Trump has once again made his stance on crypto assets clear. In a 90-second video message to Coinbase’s State of Crypto Summit, Trump said it was an honor to be called “Crypto President.”
Trump reiterated his goal of ending the previous administration’s “war on crypto” policy in his speech and said they would establish a working group to evaluate digital assets. He also referred to new regulations on the agenda of Congress.
“Our administration is working with governors to pass the GENIUS Act, which supports the creation of dollar-backed stablecoins. We will also create clear and simple market frameworks that will enable America to be a leader in the future of crypto and Bitcoin,” he said. The room erupted in applause at this statement, albeit sporadically.
The GENIUS Act, currently under consideration in the Senate, is set to be voted on today. The move follows a compromise reached on Wednesday, while two key House committees also advanced a market structure bill on Tuesday.
Trump also claimed to have created a “U.S. Strategic Bitcoin Reserve” and a “U.S. Digital Asset Stockpile” via an executive order, although these have not yet been officially established.
Following Trump’s statements at the event, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, who recently completed their IPO, also took the stage. The two names stated that cryptocurrencies could play a bigger role in the global financial system.
*This is not investment advice.
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