Last Thursday, U.S. President Donald Trump emphasized the need for favorable laws for the crypto sector - surprisingly - during his participation in the 2025 State of Crypto Summit event hosted by Coinbase.
Trump criticized the Biden administration - through recorded statements - for its legislative stance on digital assets, reiterating the promises he made during his campaign to make the United States the global “crypto capital,” pointing out in his remarks that his administration “ended from day one the Biden administration's hostile war against the crypto sector”; he added: “It was an unfair and unjust war.”
Trump continued: “We have completed the second campaign to choke the sector (Chokepoint 2.0), and I formed the first presidential task forces focused on digital assets and appointed Paul Atkins - a great figure supporting freedoms and innovations - as the head of the Securities and Exchange Commission (SEC). We also worked on creating a strategic Bitcoin reserve, alongside the U.S. stock of digital assets.”
Trump also affirmed that his administration “is not yet finished” with its supportive moves for the crypto sector, claiming it is planning to establish “clear and simple frameworks for the market that would allow the United States to dominate the management of the future of the sector, led by Bitcoin.” He added: “My administration is working with Congress to pass the GENIUS bill supporting the issuance of stablecoins backed by the U.S. dollar.”
The GENIUS bill faces an important vote in the House of Representatives
Trump's statements coincide with the House of Representatives setting the date for the final vote on the GENIUS bill for June 17, and the proposal - which focuses mainly on stablecoins - will move to the Senate if approved.
This comes amid claims by critics of the GENIUS law that it contains implicit corruptions due to the launch of the World Liberty Financial - linked to Trump - stablecoin known as USD1. Legislators stated in a message dated April 25 that “the American people deserve an absolute guarantee that the presidency is not for sale at auction or utilized for the president’s personal financial gains.” For his part, Trump denied seeking to profit from the sector despite a new report from Forbes revealing that he has accumulated total financial gains amounting to nearly one billion dollars from his activities related to the sector.