Trump’s Crypto Shockwaves via Coinbase as GENIUS Act Approaches – CoinCentral
TLDR
President Donald Trump presented a prerecorded address at the Coinbase State of Crypto Summit. He affirmed that his administration is advancing national crypto policies and market structures. The president showed endorsement for the GENIUS Act, which aims to regulate dollar-backed stablecoins. The CLARITY Act has passed through the House committee and is set for a full floor vote. Additionally, Trump has nominated Paul Atkins to head the SEC as part of broader reforms in digital asset oversight.
U.S. President Donald Trump addressed participants of the Coinbase State of Crypto Summit on Thursday via a prerecorded message. He reiterated his administration’s commitment to establishing a solid national crypto framework. This statement comes as Congress reviews new proposals regarding stablecoins and regulations around digital assets.
GENIUS Act Moves Toward Senate Vote
President Trump expressed his backing for the GENIUS Act, which outlines a regulatory framework for dollar-backed stablecoins. The Senate has advanced the bill by invoking cloture, but a final vote is still pending. Trump highlighted the bill’s consistency with his crypto goals outlined at the Coinbase event.
The administration is working alongside lawmakers to push policies that ensure U.S. leadership in the realm of digital assets. While Congress is divided on crypto regulations, Trump’s statement indicates a strong commitment from the executive branch. This follows his prior comments at the Digital Asset Summit and a campaign event during Bitcoin 2024.
Democratic lawmakers continue to express concerns regarding the president’s connections to digital finance platforms. They argue that the GENIUS Act lacks provisions to address potential conflicts of interest that could lead to the abuse of executive authority. These criticisms have intensified in light of World Liberty Financial’s stablecoin launch, which is reportedly associated with Trump’s family.
Coinbase Summit Spotlights Digital Asset Policy
The CLARITY Act has moved through the House committee and is now awaiting a full vote. This legislation aims to clarify the oversight responsibilities of the SEC and CFTC in the digital asset marketplace. Under the revised regulatory structure, Trump’s administration has recommended that Paul Atkins lead the SEC.
While Trump advocates for market-friendly reforms, opposing parties call for more robust compliance measures and greater transparency. The Coinbase-hosted summit provided the president an opportunity to reinforce his stance while avoiding direct engagement with detractors. His prerecorded appearance resembled a similar format used at a previous crypto conference in March.
The current administration has also established a digital assets working group to oversee crypto regulatory efforts. Coinbase plays a pivotal role in these discussions, regularly hosting policy debates and engagements with industry leaders. These gatherings help influence how policymakers navigate the evolving landscape of the crypto economy.
Policy Tensions Amid Wider Political Pressure
President Trump continues to advocate for his crypto agenda as protests and federal spending matters dominate news cycles. This week, he authorized $45 million for a military parade and deployed National Guard troops to Los Angeles, prompting further backlash from political rivals and economic analysts.
Simultaneously, tensions escalated online regarding a dispute with Elon Musk concerning SpaceX contracts and spending policies. Trump’s crypto outreach through Coinbase stands in stark contrast to his public confrontations over fiscal issues. Nevertheless, the administration continues to progress with its blockchain regulatory strategies.
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