US President Donald Trump once again praised his experience in the field of cryptocurrencies during a conference held on Thursday, announcing to the audience that it is a "great honor" to be seen as the president of cryptocurrencies.
In a recorded 90-second video during the "State of Cryptocurrency" summit organized by Coinbase (COIN) (unrelated to the news outlet CoinDesk of the same name), Trump reiterated his statements made at other events about ending what he called his predecessor's war on cryptocurrencies and forming a task force to study digital assets.
Trump also mentioned the legislation being passed through Congress.
He said in front of a crowded hall amidst scattered applause: "My administration is working with state governors to enact the GENIUS Act that supports the creation of stablecoins backed by the dollar, and we will also work on establishing clear and simple market frameworks that enable America to dominate the future of cryptocurrencies and Bitcoin."
The #GENIUS Act in the Senate will undergo procedural voting on Thursday, following a successful effort on Wednesday. Meanwhile, two major committees in the House of Representatives presented a market structure bill on Tuesday.
Trump also referenced his executive order to create a national Bitcoin reserve worth $107,678.79, saying: "We have created the American strategic reserve for Bitcoin and the digital asset inventory for the United States," although neither has actually been established yet.
Coinbase donated one million dollars to Trump's inauguration fund, and has been a major supporter of the political action committee Fairs,hake in the 2024 elections. It has already allocated tens of millions of dollars to Fairs,hake in the 2026 elections.
After his remarks, Coinbase CEO Brian Armstrong and Circle (CRCL) CEO Jeremy Aler discussed cryptocurrencies and the developments of their companies, noting the possibility of becoming more engaged in the global financial system.
Aler, whose company's shares went public on the New York Stock Exchange last week, said it was difficult for Circle to meet supporters or other entities a decade ago.
Aler said: "It was astonishing for me to walk into a room with an insurance company, and they told me: We're not sure about allowing us to hold this meeting." $BTC $SOL $XRP
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