President Donald Trump reiterated on Wednesday his commitment to preserve the U.S. leadership in Bitcoin (CRYPTO: BTC), cryptocurrency and prediction markets.
Trump Asks Congress to Move Quickly on CLARITY Act
Trump hosted White House cryptocurrency summit alongside CFTC Chairman Michael Selig and SEC Chairman Paul Atkins. Executives from cryptocurrency and prediction-market companies, including Coinbase Global Inc. (NASDAQ:COIN), Robinhood Markets Inc. (NASDAQ:HOOD), Ripple (CRYPTO: XRP) and Kalshi were present.
“We’re ensuring that America remains the undisputed leader not only in Bitcoin and crypto, but also technologies like prediction markets, artificial intelligence, and much more,” Trump said.
He added that the U.S. is currently the “hottest country” in the world and urged Congress to take the next step by passing the CLARITY Act.
“It’s a very powerful structured legislation which will keep us ahead of China,” Trump stated.
Will the US Buy Bitcoin?
Trump also congratulated Selig for “working very hard” to bring Hyperliquid (CRYPTO: HYPE)—a decentralized exchange known for facilitating perpetual futures trading—into the U.S. “in a fully compliant and legal fashion.”
Trump was then asked about the administration’s plans to accumulate Bitcoin or other cryptocurrencies.
“Well, it’s been talked about. I think I’d probably rely on Paul [Atkins] and the whole group for that. He’ll make a decision,” he replied. “It’s [Bitcoin] taken a lot of pressure off the dollar.”
Trump said that if the executives come up with recommendations, he’d “certainly listen.”
Notably, Trump signed an Executive Order last year to establish a Strategic Bitcoin Reserve, with officials encouraged to develop budget-neutral strategies for acquiring additional BTC.
Will CLARITY Get to the Finish Line?
Fresh optimism around the CLARITY Act is giving the sector a meaningful bid.
Senate Banking Committee Chairman Senator Tim Scott (R-SC) said the legislation has a "really good shot" of moving forward in September.
The Senate procedural vote remains on the calendar for September 15. The remaining sticking point, however, is an ethics provision tied to the Trump family’s cryptocurrency interests.
Trump’s comments highlight the growing importance of cryptocurrencies and emerging technologies in the global economy. His support for the Clarity Act indicates a desire for regulatory clarity in the crypto space, which could potentially boost innovation and investment in the sector.
Trump’s mention of Bitcoin’s positive impact on the dollar suggests a recognition of the potential benefits of cryptocurrencies for the U.S. economy. His openness to recommendations regarding crypto accumulation could signal a shift in the U.S. government’s approach to digital assets.
Price Action: At the time of writing, BTC was trading at $69,273, up 7.74% over the last 24 hours, according to data from Benzinga Pro.
Read Also: Coinbase Stock Catches a Bid as Bitcoin Climbs
Photo Courtesy: Joey Sussman on Shutterstock.com
