U.S. President Donald Trump has publicly extended support for the crypto industry recently. His statement stirred optimism as Washington’s lawmakers are working to move forward on the long-awaited CLARITY Act.
President Trump Backs Bitcoin, Crypto Market
In a post on Truth Social, Trump has leveled accusations of almost destroying the digital asset market in America by “pushing innovation off shore” against former SEC Chair Gary Gensler and the “Anti-Crypto Army.”
Trump asserted that previous regulators drive “Bitcoin, Crypto Perpetuals, and innovation” out of the United States under previous regulatory policies. He added that his administration had helped get builders and entrepreneurs back to the States.
“America is now the CRYPTO CAPITAL of the WORLD,” Trump wrote. He even promised a “FUTURE-PROOF Digital Asset Market Structure that cannot be undone by the Crypto Haters.”
The comments came as fears about the fate the CLARITY Act are rising. “If the CLARITY Act doesn’t pass this Congress, American software developers will be targeted again for prosecution in the near future just for publishing code,” Lummis said in a post on X. She added, “These are the stakes.”
What’s Happening With The Crypto Bill?
TD Cowen analysts have also gotten more worried about the bill’s chances. Political tensions are making it more difficult for lawmakers to get the legislation moving this year, according to one source, Washington Research Group analyst Jaret Seiberg.
One major issue is a proposed conflict of interest provision that would limit the ability of elected officials, such as the president and members of Congress, to trade digital assets while they are in office.
It could target crypto projects linked to Trump, including TRUMP and MELANIA meme coins, as well as World Liberty Financial and American Bitcoin.
Moreover, there’s an increasing sense of uncertainty as reflected by the prediction market data. Kalshi odds of the CLARITY Act passing before 2027 have fallen below 50%, from the nearly 75% mark last week.
The CLARITY Act will “compete for Senate floor time when lawmakers return the first week of June,” wrote journalist Eleanor Terrett. Thus comes as Congress is dealing with a heavy legislative schedule. These include border security negotiations, a housing package, a farm bill and the impending June 12 FISA deadline.
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