President Donald Trump said the U.S. secured its place as the ‘crypto capital of the world’ by backing legislation aimed at boosting the digital asset industry.
He made the remarks in a lengthy speech to world leaders and bankers at the World Economic Forum in Davos, Switzerland.
Davos remarks
Trump said he signed a ‘landmark GENIUS Act’ last year focused on stablecoins.
He said the move was driven partly by political considerations and partly by competition with China.
Trump said Congress is now working on broader market structure rules that he hopes to sign ‘very soon.’
Market structure bill in the Senate
The U.S. Senate is working on a market structure bill through two committees.
One committee was expected to release draft legislation later Wednesday, however another pulled a vote last week and was still working on the legislation.
Politics and China
Trump said crypto policy was high on his agenda for two reasons:
“Number one, I thought it was politically good, and it was. I got tremendous political support.”
CoinDesk noted that bitcoin & crypto companies have supported political action committees with hundreds of millions of dollars.
Trump cited competition with China as the second main reason:
“But more importantly, China wanted that market too. We have to make it so that China doesn’t get the hold of it.”
