U.S. President Donald Trump reaffirmed his pro-cryptocurrency stance, declaring that it won’t let the virtual asset industry fail.
On Wednesday, President Trump criticized former Securities and Exchange Commision (SEC) Chairman Gary Gensler and anti-cryptocurrency forces via his social media platform Truth Social, stating that they attempted to destroy the U.S. virtual asset industry and drove Bitcoin, virtual asset futures products, and innovative technologies overseas.
During his tenure, Gensler was known as the crypto grim reaper for his conservative approach to the virtual asset industry. However, after Trump, who dubbed himself the Bitcoin President, took office early last year, the SEC’s policy direction shifted to be more cryptocurrency-friendly following Gensler’s resignation.
Trump proclaimed that America has reclaimed its position as the world’s cryptocurrency capital, adding that developers and companies that left for overseas are now returning.
He emphasized that it will enact legislation to codify the future structure of the virtual asset market, ensuring that opponents of regulation cannot reverse it.
Trump’s remarks are interpreted as expressing his commitment to passing the Clarity Act (a bill for structuring the virtual asset market), which is currently under discussion in the U.S. Congress.
The Clarity Act includes provisions regarding U.S. regulatory authorities’ jurisdiction over virtual assets and the permissibility of interest payments on stablecoins. Industry experts believe that if the bill passes, it will eliminate business uncertainties.
Trump concluded that a new frontier of finance is being forged in America, asserting that it will not allow the virtual asset industry to fail.