President Donald Trump reiterated his support for cryptocurrency in a recent interview, framing it as a national security issue and a vital tool for reducing pressure on the U.S. dollar. He called on the Senate to pass the Crypto Clarity Act, but the legislation faces delays due to the summer recess. A bipartisan ethics proposal could require Trump to divest from cryptocurrency-related businesses to address conflicts of interest, as his family has reportedly made over $1 billion in crypto profits since he took office.
President Donald Trump has reiterated his support for cryptocurrency, calling it “a big deal” in a recent interview. He noted that “people are paying with Bitcoin, and they don’t even know about cash anymore,” adding that “that takes a lot of pressure off our dollar.”
The president framed his pro-crypto stance as a national security issue. “If we don’t have it, China’s going to have it,” he said, claiming that former President Joe Biden only embraced crypto late because he saw Trump winning the crypto community’s support.
Trump has been actively pushing the U.S. to become the world’s crypto hub, and part of that effort includes the Crypto Clarity Act. He has called on the Senate to pass the bill, but it remains in limbo on the Senate floor.
With the Senate entering its summer recess, the Clarity Act will now be delayed further before review. The legislation has faced hurdles among policymakers, many of whom have demanded additional ethics language to bar people in power from profiting from cryptocurrencies.
The ethics proposal specifically targets President Trump, given that his family has made more than $1 billion in crypto profits since he took office. According to a Bloomberg report, the bipartisan ethics proposal for the Clarity Act could require Trump to divest from cryptocurrency-related businesses to address conflicts of interest.
