As the digital assets market bleeds with the global crypto market cap falling by 3.94% in the past 24 hours, U.S. President Donald Trump’s new promises have taken the limelight.
In his recent Truth Social post, Trump shared his vision for the crypto market, which cannot be undermined by the crypto critics, and said,
Under my Leadership, we will codify a FUTURE-PROOF Digital Asset Market Structure that cannot be undone by the Crypto Haters.
He added,
The new Frontier of Finance is being Built in America, and “TRUMP” will NEVER let Crypto down!
Trump slams crypto under SEC Chair Gensler
Interestingly, in the same post, he also mentioned the previous SEC chair, Gary Gensler, and reiterated how under Gensler, the crypto market was suffocating.
He stressed how Gensler’s “Anti-Crypto Army” almost “DESTROYED the American Crypto Industry”.
Praising himself in the post, he remarked,
America is now the CRYPTO CAPITAL of the WORLD, and Builders and Entrepreneurs are coming BACK to the United States where they belong.
Positive developments by Trump
This statement has two sides to it. On one hand, Trump has fulfilled his pro-crypto pledges in a number of ways.
For instance, the Strategic Bitcoin [BTC] Reserve, the GENIUS Act, and more. Furthermore, Trump recently sided with the Commodity Futures Trading Commission (CFTC) in a legal battle with states over prediction markets worth billions of dollars.
Moreover, Trump also directed federal regulators to assess and eliminate existing regulations that impede financial innovation.
But what about the CLARITY Act?
The flip side of the coin, however, indicates that the CLARITY Act, which is still walking a tightrope, has yet to make it to the president’s desk.
Even though Trump has repeatedly called for the Senate to approve the CLARITY Act, the process is being slowed down by a number of amendments. The approval odds for the CLARITY Act were at 56% at the time of publication, indicating that even the public is not as hopeful about its approval.
Though Trump has not revealed any concrete plans, his comments have sparked a lot of excitement in the crypto community because this is the first time he has commented on crypto since March. But many in the crypto community also took issue with his remarks and pointed out,
Final Summary
- Trump slams Gary Gensler and promises to turn the U.S. into a “FUTURE-PROOF Digital Asset Market Structure”.
- The CLARITY Act passage, which still hangs in balance, has many questioning whether Trump has actually made the U.S. the “CRYPTO CAPITAL of the WORLD”.