Trump Praises Bitcoin, While Key Advisor Predicts Big Month for Crypto Legislation
Donald Trump, the President of the United States, addressed the press on Friday, covering a range of topics. Notably, he expressed his growing support for cryptocurrencies, specifically highlighting Bitcoin’s performance.
Meanwhile, David Sacks, a key figure overseeing AI and cryptocurrency initiatives in the US, indicated that July could be a pivotal month for the crypto industry.
The Democratic Party has voiced its opposition to the proposed cryptocurrency legislation, citing concerns about potential conflicts of interest involving Trump and his family’s financial gains.
When asked if he would consider divesting from his crypto investments to facilitate the passage of these laws, Trump defended Bitcoin and the broader cryptocurrency market.
“Cryptocurrencies are a funny thing, I’ve become a fan of cryptocurrencies,” Trump stated.
Despite China’s ban on Bitcoin in 2021, the President emphasized the importance of the US taking a leading role in the crypto space, suggesting that China would otherwise dominate the industry.
“I see it as an industry, and I’m president, and if we didn’t have it, China or someone else would have it, but probably China. China would love it. And we dominate that industry,” Trump continued. “It’s a big industry.”
He also noted the resilience of cryptocurrencies during recent market fluctuations.
“When the stock market fell recently, cryptocurrencies, Bitcoin and all of that, fell much less than any other group. We created a very powerful industry, and that’s much more important than anything we invest in.”
Trump referenced his involvement in the NFT space and other crypto ventures, highlighting his early engagement with the industry.
“I got involved [with cryptocurrencies] before I decided to run. And I only decided to run because I saw what was happening, Biden was incompetent, the administration was corrupt and incompetent, and I was in Bitcoin at that time, not knowing that [I would run for president] for the third time,” Trump explained.
“I realize that more and more is paid in Bitcoin. People say that it takes a lot of pressure off the dollar, and it’s a great thing for our country.”
David Sacks Foresees Crucial Month for Crypto Legislation
David Sacks’ recent comments have also drawn significant attention.
“July will be a big month, with a bill signing for GENIUS, and CLARITY going to the Senate!”
Sacks indicated that the legislation would be presented before the August recess, with a review expected in the first week of September, aiming for approval by the end of the month.
“President Trump supports CLARITY on market structure, as well as GENIUS on stablecoins. Let’s make it happen!”, Sacks commented.
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