Backing the crypto industry! Trump vows to build an "unshakable" regulatory framework for crypto

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U.S. President Donald Trump has once again stepped up to support the cryptocurrency industry, vowing to personally lead the push for legislation to create a "future-proof" market regulatory framework for digital assets, ensuring that U.S. cryptocurrency policy cannot be easily overturned by a change in administration. On Wednesday, Trump posted on his social media platform, Truth Social, directly naming former SEC Chair Gary Gensler and his "anti-crypto army," criticizing their aggressive regulation of the cryptocurrency industry over the past few years, which he claims has driven Bitcoin, cryptocurrency perpetual contracts, and innovation to overseas markets. He wrote: "Under my leadership, we will codify a 'future-proof' digital asset market framework into law, so that those 'crypto-haters' can never overturn it again." "The new frontier of finance is rising on American soil, and 'TRUMP' will absolutely not let the crypto community down!" This marks another policy signal from Trump after he repeatedly linked cryptocurrency to "U.S. financial hegemony" in recent times, coming at a moment when the U.S. Congress is accelerating the advancement of the "CLARITY Act." This bill, which is critical to the regulatory framework for the cryptocurrency market, finally passed a vote in the Senate Banking Committee this May after months of delays. The main reason for the bill's stagnation has been the tug-of-war between Wall Street banking lobby groups and the cryptocurrency industry, particularly regarding controversies over stablecoin revenue distribution, consumer protection, and financial risk management. **A Long Road to Legislation: Bipartisan Consensus is Key** Despite the initial progress of the bill, market analysts believe that the CLARITY Act still has a long way to go before it is fully enacted. Benchmark analyst Mark Palmer believes that for the bill to pass smoothly, it must secure support from more Democratic lawmakers. He pointed out: "The draft bill passed by the Banking Committee must be integrated with the market structure bill advanced by the Senate Agriculture Committee in January to form a comprehensive draft before it can be sent to the full Senate for a vote." To overcome the Senate's "filibuster" threshold (where the minority party blocks a bill through marathon speeches), the bill must secure 60 votes in favor, which necessitates gaining support from a significant number of Democratic senators. **Trump Family's "Crypto Business" Sparks Conflict of Interest Concerns** However, the approaching election and political maneuvering are casting a shadow over the bill's prospects. The Washington research team at investment bank TD Cowen admitted that the probability of the cryptocurrency market structure bill passing this year is slim. The biggest stumbling block is the recent "conflict of interest" controversy surrounding Trump, which makes it extremely difficult for Democrats to compromise on their political stance. Jaret Seiberg, Managing Director of the TD Cowen Washington Research Group, pointed out: "Unless the bill includes 'conflict of interest prevention standards' that directly constrain the President, it will be extremely difficult for Democrats to support the cryptocurrency bill in the current political climate." Current public attention is focused on the cryptocurrency project World Liberty Financial, in which the Trump family is involved, as well as business layouts related to prediction markets. During the Senate Banking Committee's bill review meeting earlier this month, Democratic Senator Ruben Gallego warned that although he voted in favor this time to allow the CLARITY Act to move forward, he would flip his vote to oppose it when it reaches the full Senate floor unless the conflict of interest concerns regarding Trump and his family in the crypto space are properly addressed.

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Published:2026-05-28 04:20:45

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