President Donald Trump has once again expressed his support for cryptocurrency. This time pledging to set up a permanent regulatory system for digital assets in the U. S.
His remarks come as the CLARITY Act is making its way through Congress, indicating possible changes in policies for the blockchain sector.
Future-Proof Framework
In the future, the president committed his team to the goal of “codifying a Digital Asset Market Structure that is FUTURE-PROOF and cannot be dismantled by the Crypto Haters.”
By doing this, he intends to offer a regulatory environment with the long-term stability needed for Bitcoin, Ethereum, and other cryptocurrencies. This move would respond to a major issue facing institutional investors and crypto-related companies, i.e. the desire for reliable and stable U.S. market conditions.
Also Read: CLARITY Act Faces Senate Delays Before Key August Crypto Regulation Deadline
Critique of the Previous Regulatory Approach
The president blamed ex-SEC Chairman Gary Gensler and other anti-crypto policymakers for taking away blockchain innovation from the U.S.
He put forward the notion that the emphasis on enforcement left the result of crypto regulation unclear, thereby making Web3 developers and startups go abroad where crypto rules are cleaner.
Trump underlined that “America is where the new Frontier of Finance is being Created” and declared that under his guidance crypto innovation would be his priority.
Also Read: CLARITY Act Wins Crucial 15-9 Senate Vote: Ripple Exec Cheers
CLARITY Act Congressional Support
The ex-president’s statement is timely with the continuing efforts to gather support for the CLARITY Act which purpose is to clarify digital asset classification and the jurisdiction of agencies.
The progress of the bill after several months of being stalled and undergoing negotiation, shows that there is increasing bipartisan interest in the legislation of cryptocurrency altogether. The industry people consider this initiative as a means of reconciling consumer protection and technological advancement.
Also Read: Bitcoin Tops $80K Ahead of US Senate CLARITY Act Vote
