Trump's credibility provides a new impetus for the crypto market with a commitment to make America the global digital asset hub, asserting that “millions of people want it.”
President Donald Trump has just affirmed his comprehensive support for cryptocurrencies on national television, marking a significant turning point in shaping the digital monetary policy of the United States. Speaking on NBC's Meet the Press on May 4, he not only expressed a personal viewpoint but also outlined a national strategy to position the U.S. as a leader in the global digital asset market.
Shifting policy from control to encouragement
“I support crypto,” Trump stated emphatically on national television. When asked about personal motives, the president denied any financial benefits: “I don’t profit from anything. What I do is I started this long before the election. I want crypto because a lot of people – millions of people – want it.”
Trump emphasizes the international competitive factor by stating: “I think crypto is very important because if we don’t do it, China will.” He also pointed out the strength of the cryptocurrency market compared to other financial segments: “It’s new, very popular, very hot. When the market declines, that still remains much stronger than other segments.”
The president did not hesitate to criticize the previous administration's approach: “Biden has attacked this sector very aggressively, then before the election, he completely changed his tone. His SEC chairman, everyone has changed their tone.” Trump explained that: “There are hundreds of millions of people participating in crypto, and they want to win the votes of those people.”
The significant shift in cryptocurrency regulatory policy has been reflected through a series of decisions by the new administration. Trump appointed Paul Atkins – a prominent crypto supporter – as SEC Chairman, while also establishing the Strategic Bitcoin Reserve and the National Digital Asset Stockpile.
The appointment of David Sacks as the White House AI & Crypto Czar along with hosting the first crypto conference at the White House also demonstrates the president's commitment to making the United States a pioneering power in the digital asset field.
This action by the Trump administration is seen as a complete reversal compared to the strict approach of the SEC under Gary Gensler, who carried out a series of legal enforcement actions against crypto companies during his tenure.
