During a notable address at the World Economic Forum in Davos, US President Donald Trump emphasized his commitment to ensuring that the United States remains the “crypto capital of the world.” Speaking for over an hour on various topics, Trump highlighted the critical role of new cryptocurrency legislation, asserting that such measures could unlock “new pathways to reach new financial freedom.”
In his speech, he underscored the importance of supporting innovation within the financial sector. “To unleash innovation and savings and financing, I’m also working to ensure America remains the crypto capital of the world,” Trump stated. He referenced the signing of the Genius Act last year, which is designed to provide a regulatory framework for stablecoins. Furthermore, he mentioned that Congress is diligently working on legislation to establish a clearer market structure for cryptocurrencies, including Bitcoin.
Trump expressed concerns over international competition, particularly from China, which he noted has shown an interest in the crypto market. “More importantly, China wanted that [crypto] market too, just like they wanted the AI,” he remarked, recalling that China has had a prohibitive stance on crypto trading since 2013, as it shifts its focus towards promoting its central bank digital currency, the digital yuan.
Since taking office, Trump has prioritized a friendly approach toward the crypto industry, having previously campaigned on the promise of supporting the space. His administration has enacted several initiatives, including the establishment of a Bitcoin Strategic Reserve and the formation of a dedicated working group to explore digital currencies further. Additionally, he has appointed numerous industry advocates to key government positions and has called for a more lenient regulatory environment.
Regulatory bodies, such as the Securities and Exchange Commission, appear to be adopting a more accommodating stance as well. This shift is evidenced by the withdrawal of certain lawsuits against digital asset companies and an overall more approachable attitude toward the rapidly evolving market.
As the President addressed the audience, it was clear that the Trump family is also expanding its presence in the cryptocurrency arena. Both he and his sons have voiced frustrations regarding traditional banking institutions denying them services, which they claim forces them to rely on digital assets to manage their finances. This personal investment in the crypto space reinforces the administration’s push towards a more robust and innovative financial landscape in the U.S.
