US President Donald Trump said US crypto policy is partly driven by competition with China.
Speaking at the World Economic Forum in Davos, Trump said he backed the GENIUS Act for both political and strategic reasons.
“It is politically popular, but much more importantly we have to make it so that China doesn’t get the hold of it,”
Donald Trump said.
Trump warned that losing ground to China in crypto could make it impossible for the US to regain leadership.
He reiterated a pledge to position the US as a global leader in crypto and emerging technologies.
Trump said he could sign a digital asset market structure bill “very soon” if Congress advances the legislation.
The proposed CLARITY Act remains stalled in the US Senate after industry criticism delayed a markup vote.
Coinbase chief executive Brian Armstrong said earlier this month he could not support the bill in its current form.
Lawmakers continue debating whether US rules could disadvantage dollar-pegged stablecoins versus China’s digital yuan.
China has allowed interest payments on digital yuan deposits, increasing pressure on US policymakers.
Senate leaders have not yet scheduled the next step for advancing the CLARITY Act.