AWith the digital asset market bleeding and the global cryptocurrency market capitalization falling 3.94% in the past 24 hours, US President Donald Trump’s new promises have attracted attention.
In his recent Truth Social post, Trump shared his views on the crypto market, which cannot be undermined by the crypto critics, saying:
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 Abandon Crypto!
Trump criticizes crypto under SEC chairman Gensler
Interestingly, in the same messageHe also mentioned the previous SEC chairman, Gary Gensler, and reiterated how the crypto market was suffocating under Gensler.
He highlighted how Gensler’s “Anti-Crypto Army” almost “DESTROYED the US crypto industry.”
He praised himself in the post, noting:
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
There are two sides to this statement. On the one hand, Trump has delivered on his pro-crypto promises in a number of ways.
For example, the strategic Bitcoin [BTC] Reserve, the GENIUS Act and more. Additionally, Trump recently sided with the Commodity Futures Trading Commission (CFTC) in a legal battle with states over billions of dollars worth of prediction markets.
Additionally, Trump also directed federal regulators to review and eliminate existing regulations that hinder financial innovation.
But what about the CLARITY Act?
The other side of the coin, however, indicates that the CLARITY Act, which is still walking a tightrope, has yet to reach the president’s desk.
Although Trump has repeatedly called on the Senate to pass the CLARITY Act, the process is being slowed by a number of amendments. The approval odds for the CLARITY Act stood at 56% at the time of publication, indicating that even the public isn’t all that hopeful about its passage.
Although Trump has not revealed any concrete plans, his comments have caused a lot of excitement in the crypto community as this is the first time he has commented on crypto since March. But many in the crypto community also disagreed with his comments, pointing out:
Final summary
- Trump slams Gary Gensler and promises to make the US a “FUTURE-PROOF Digital Asset Market Structure.”
- The CLARITY Act passage, which is still in the balance, has many wondering if Trump has actually made the US the “CRYPTO CAPITAL of the WORLD.”