Trump mentions importance of Bitcoin and crypto legislation at Davos in rambling speech
US President Donald Trump on Wednesday reiterated in a speech at the World Economic Forum in Davos that he wanted the States to remain the “crypto capital of the world.”
Speaking for over one hour on a number of topics, the president told a largely silent audience that new crypto legislation would unlock “new pathways to reach new financial freedom.”
“To unleash innovation and savings and financing, I’m also working to ensure America remains the crypto capital of the world,” President Trump said, mentioning the signing of the Genius Act last year.
“Now congress is working very hard on crypto market structure legislation — Bitcoin, all of them,” he added.
“More importantly, China wanted that [crypto] market too, just like they wanted the AI,” he continued.
China banned crypto trading in the country in 2013. It is betting more on the digital yuan, its central bank digital currency.
President Trump campaigned on a ticket to help the crypto space and received financial banking from major players in the industry.
Since taking office, the Republican has signed crypto-friendly legislation such as the Genius Act, which establishes a framework for regulating stablecoins.
He has also fired off a barrage of sweeping executive orders to introduce a Bitcoin Strategic Reserve, and create a working group. The White House has also appointed several industry supporters into key government roles.
Regulators like the Securities and Exchange Commission have also dropped a number of lawsuits against digital asset companies and taken a far friendlier approach to watchdogging the fast-moving sphere.
President Trump’s comments come as the US leader’s first family pushes further into the crypto world, with the leader and his sons bemoaning top banks denying them services, leaving them no choice but to manage finances via digital assets.
Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email atmdisalvo@dlnews.com.
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