US President Donald Trump commented on the crypto industry and his obligation to support the industry following his crypto meeting with TRUMP holders. The president also spoke about the CLARITY Act during the meeting and promised to sign it as soon as it passes in Congress.
Donald Trump Comments On Obligation To Support Crypto Industry
According to a Reuters report, Donald Trump mentioned, following his appearance at the TRUMP coin conference, that he felt an obligation to support the crypto industry. He stated that as president, he has to be able to ensure that all industries in the country do well. The president also remarked that crypto is a big industry that has actually become somewhat mainstream.
Donald Trump was a speaker at the TRUMP meme coin conference, to which the top 297 TRUMP coin holders attended. The president has, on several occasions, spoken about the industry and Bitcoin, and about how he wants to make the U.S. the crypto capital of the world.
According to White House correspondent Sander Lutz, Donald Trump spoke about the CLARITY Act as part of his speech to TRUMP coin holders, although he didn’t give any specifics. He stated that he wants the crypto bill passed and that he would sign it immediately. However, Lutz noted that some in the industry had hoped the president had more news about the bill.
Donald Trump’s speech at the TRUMP coin conference comes as the CLARITY Act remains stalled in the Senate, with the Senate Banking Committee yet to mark up the bill. It is worth noting that the banking and crypto industries continue to clash over the stablecoin yield text, with banks calling for a broad ban on stablecoin rewards.
Prior to the TRUMP coin conference, Donald Trump had called out the banking industry and asked them to reach a deal with the industry as soon as possible. Meanwhile, the White House Council of Economic Advisers released a report affirming that stablecoin yields won’t harm banks.
Other Subjects In The President’s Speech
Donald Trump also reportedly spoke about the U.S.-Iran war and former President Joe Biden at the TRUMP coin conference. The president has been known to always allude to the Biden administration’s war on the crypto industry, which involved several SEC lawsuits, including the one against payment firm Ripple.
Meanwhile, amid the TRUMP coin conference, it is worth noting that the president and his meme coin creators have faced criticism with the coin down over 90% from its all-time high (ATH) of $75.
At the time of writing, the TRUMP coin is trading at around $2.56, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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