President Donald Trump campaigned on a vow to become the Crypto President, though some skeptics were disappointed when made trade deals his main focus. Now, however, Trump is fighting fiercely to regulate and legitimize cryptocurrency at the federal level.
Three Trump-backed bills are currently under consideration in Congress. One of them would prohibit the Federal Reserve from creating a central bank digital currency, or CBDC.
A second bill, known as the CLARITY Act, would establish rules for whether an asset is regulated as a security by the Securities and Exchange Commission (SEC) or as a commodity overseen by the Commodity Futures Trading Commission (CFTC). Certainly, many pro-crypto investors would prefer to have cryptocurrencies to stay out of the purview of the SEC.
Then, there’s the GENIUS Act, which is the centerpiece of the three pro-crypto bills. GENIUS Act would regulate stablecoins, and it already passed the Senate in June.
Courtesy: @BarChart
All of this congressional activity is taking place amid a massively bullish backdrop for cryptocurrencies, including Bitcoin and Ethereum. It’s an exciting time for crypto enthusiasts, with Bitcoin pushing up against $120,000 and Ethereum powering past $3,300 recently.
It’s been a roller-coaster week as Trump wheels and deals with the House of Representatives. By Wednesday, the President posted on his Truth Social platform that he had reached an agreement with 11 of the 12 Republicans in the House whose votes are needed to pass the GENIUS Act.
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As you might expect, the mainstream media made much of the shortfall of needed votes on Tuesday to pass the three crypto bills. It’s a mistake, however, to assume that Trump will simply give up because the bills didn’t pass on the first attempt.
The passage of the GENIUS Act would be particularly impactful for Trump as he seeks to fulfill his crypto-supportive campaign promises. He wrote on the topic, “The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it.”
Courtesy: Bloomberg, @KobeissiLetter
It’s not only retail investors who want to see clear regulations surrounding digital assets in 2025. Institutional investors like BlackRock and Vanguard (which holds millions of shares of Bitcoin hoarding company Strategy) would also like to see the government build a transparent framework for crypto.
Even as President Trump fights for these crucial bills, cryptocurrency investors must remain patient. Regardless of who’s in charge at any given moment, the wheels of government will always turn slowly and this can be frustrating.
This isn’t a time to let frustration derail your investment strategy, however. If you believe in the crypto revolution that’s currently in progress, keep the faith and let your portfolio reflect your convictions.
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