US President Donald Trump has issued a warning to the banking industry and called for an end to obstruction over the Clarity Act.
According to the president, traditional financial institutions Trying to undermine the progress made by the Genius Act.putting the country’s technological and financial sovereignty at risk in the face of direct competitors such as China.
Despite the banks reporting record profits, President Trump announced through a statement on his social networks: Holding market structure laws hostage to protect their interests.
The president made it clear that he “will not allow banks to undermine our strong crypto policies,” emphasizing: The industry will end up going to other countries. If regulations are not resolved as soon as possible.
Tensions between the White House and banks have intensified over banks’ opposition to transparency laws. Trump himself sees the bill as the “final step” in solidifying the United States as the world capital of digital assets.
“(Banks) need to come to a good agreement with the crypto industry because that is what is best for the American people,” Trump said. “You cannot take away from the American people this industry that is so close to being truly successful.”
One of the most controversial issues in this bill relates to the revenue provided by stablecoins on exchanges. The banking sector believes these benefits will cause people to deposit less in banks. In the other corner, exchange representatives defend the rules of free competition.
The path to this agreement is fraught with technical complexity. To date, three high-level meetings have been held in Washington between bank representatives and entrepreneurs in the digital currency field. As reported by CriptoNoticias, red lines for both industries have been demarcated under government guidance to prevent capital flight, according to people close to the process.
Various figures in the regulatory environment and crypto ecosystem immediately supported the president’s position. Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said the commission is enthusiastic about enforcing the law. “President Trump is ushering in a golden age for America, and this bill is a critical part of securing America as a world leader in innovation.”
Meanwhile, Sen. Cynthia Lummis, an ardent advocate of the digital asset ecosystem, urged Congress to act quickly, saying, “America cannot afford to wait.”
Summer Marsinger, CEO of the Blockchain Association, welcomed the bill’s priorities. In his opinion, clear market structure rules are “essential to protect Americans, foster innovation, and maintain the United States as the crypto capital of the world.” Similarly, Ripple CEO Brad Garlinghouse said President Trump’s message was “very direct to those who are holding us back,” stressing that the priority must be the interests of the people.
Regarding the expected approval deadline, Patrick Witt, executive director of the White House Cryptocurrency Council, estimates that the key date is April 3 next year. Garlinghouse points to the end of the month, but JPMorgan analysts remain more cautious. We expect that regulations could be shed light on by the middle of this year.
(Tag Translate)Bitcoin (BTC)
