Key Points:
- President Trump expressed pride in being referred to as a ‘crypto president’ while addressing Coinbase’s State of Crypto Summit via video.
- He highlighted his administration’s plans to support cryptocurrency through the GENIUS Act aimed at dollar-backed stablecoins and the establishment of a national bitcoin reserve.
- Executives from Coinbase and Circle discussed the increasing significance of cryptocurrencies in the global financial landscape.
MANHATTAN – President Trump reiterated his support for cryptocurrencies during a Thursday conference, exclaiming it as an ‘honor’ to have this title. In a brief video, he emphasized efforts to dismantle previous regulatory barriers and the formation of a dedicated working group to investigate digital assets.
He also referred to current legislation in Congress, stating, “My administration is collaborating with governors to endorse the GENIUS Act for dollar-backed stablecoins. Furthermore, we are aiming to construct clear and straightforward market frameworks to ensure America’s dominance in the crypto and bitcoin sphere,” prompting mixed applause from attendees.
Trump’s administration has also initiated plans for a U.S. Strategic Bitcoin Reserve, aiming to establish a national stockpile of digital assets, although these projects remain in proposal stages.
During the discussion, Coinbase’s CEO and Circle’s CEO reflected on the growing evolution of cryptocurrencies, suggesting they could play a more substantial role in the financial world.
