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Julia Smith
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Julia Smith
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U.S. President Donald Trump doubled down on enacting crypto-friendly regulation in surprise remarks given at Coinbase’s 2025 State of Crypto Summit on Thursday.
Speaking via pre-recorded remarks, Trump criticized the Biden administration’s regulatory stance toward digital assets and reiterated his campaign pledge to make America the “crypto capital” of the world.
“Starting on day one, we ended the Biden administration’s war on crypto,” Trump said. “It was an absolute war and very unfair.”
“We ended Operation Chokepoint 2.0, I created the first presidential working group on digital assets, I named a pro-freedom, pro-innovation SEC chair—a great man named Paul Atkins—and we created the U.S. Strategic Bitcoin Reserve and the United States Digital Asset Stockpile,” he added.
Trump also noted that his administration is “not done yet” when it comes to making moves in crypto, claiming that they plan to enact “clear and simple market frameworks that will allow America to dominate the future of crypto and Bitcoin.”
“My administration is working with Congress to pass the GENIUS Act, supporting the creation of dollar-backed stablecoins,” he said.
The GENIUS Act Faces Key Senate Vote
Trump’s remarks come as the Senate has scheduled the final vote on the GENIUS Act for June 17. If passed, the stablecoin-focused legislation would proceed to the House of Representatives for approval.
Critics of the GENIUS Act claim it is inherently corrupt, given that the Trump-affiliated World Liberty Financial recently launched its new stablecoin known as USD1.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the U.S. lawmakers said in an April 25 letter.
Trump has denied profiting from the cryptocurrency, although a new report from Forbes shows that he has amassed $1 billion from his crypto ventures as a whole.
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