US President Donald Trump recently interviewed with Punchbowl News, where he discussed various topics, including the crypto market. Trump has hailed himself as the “Crypto President” in the past, supporting various pro-crypto initiatives and even establishing business ventures in crypto himself.
“Crypto is a big deal,” Trump said in the interview. “I see it more and more where people are paying with Bitcoin, and they don’t even know about cash anymore. That takes a lot of pressure off our dollar. It’s a good thing for our country,” he added. The US President also discussed the ongoing battle between the United States and China, suggesting that AI isn’t the only race that the former is trying to win. He framed his support for crypto as a national security issue. “If we don’t have it, China’s going to have it,” Trump said, adding that Joe Biden only embraced crypto late because he saw Trump winning the crypto community’s support.
President Trump has been actively pushing the US to become the crypto hub of the world, and a part of that comes with select legislation for the industry. Specifically, he has called on the Senate to pass the Crypto Clarity Act, which still hangs in the balance on the Senate floor. As the US Senate enters its summer recess, however, the Clarity Act will now be delayed longer before review.
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On the other hand, the CLARITY Act has faced some hurdles among policymakers. Many have been asking for additional ethics language to bar people in power from profiting from cryptocurrencies. This especially targets President Trump, given that his family made more than $1 billion in crypto profits since he took office. As a result, according to a Bloomberg report, the bipartisan ethics proposal for the CLARITY Act could require Trump to divest from cryptocurrency-related businesses to address conflicts of interest.