Trump Promises Clear Frameworks for Crypto and Dollar-Backed Stablecoins
At the Coinbase State of Crypto Summit, U.S. President Donald Trump expressed pride in being viewed as a crypto president. In a recorded message, he reiterated his commitment to ending prior restrictions on cryptocurrency and emphasized plans for regulatory frameworks.
- Trump mentioned the GENIUS Act aimed at supporting dollar-backed stablecoins.
- The Senate's GENIUS Act is set for a procedural vote following recent advancements in Congress.
- He referenced an executive order for establishing a national bitcoin reserve, though it has not yet been implemented.
- Coinbase has a history of financial support for Trump, including contributions to his inaugural fund and backing for the Fairshake super PAC.
Following Trump's speech, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire discussed the evolving role of crypto in the global financial system.