President Donald Trump voiced his unwavering support for the cryptocurrency industry on Wednesday, stating that his administration is working to build a robust regulatory framework for digital assets.
Trump Claims Credit For Turning Crypto Around In US
On Truth Social, Trump accused former SEC Chair Gary Gensler and the so-called “Anti-Crypto Army” of destroying the industry by driving Bitcoin (CRYPTO: BTC), cryptocurrency perpetuals, and other innovations out of the U.S.
He claimed credit for “saving” the industry and turning America into the “cryptocurrency capital of the world.”
“Builders and Entrepreneurs are coming BACK to the United States where they belong,” Trump said. “The new Frontier of Finance is being Built in America, and “TRUMP” will NEVER let Crypto down!”
He also promised to codify a “future-proof” market structure for the industry that will never be undone by “Crypto Haters.”
Are Crypto Firms Really Coming Back?
Trump’s claim that cryptocurrency companies are “coming back” to the U.S. has some evidence of a positive shift, but it’s not a massive wave of relocations yet.
Notably, Bitcoin mining firm HIVE Digital Technologies Ltd. (NASDAQ:HIVE) relocated its headquarters from Canada to Texas in late 2024, anticipating a more supportive regulatory and business climate under the Trump administration.
At the same time, Tether (CRYPTO: USDT), issuer of the world’s largest stablecoin, relocated its operations to El Salvador, citing the cryptocurrency-friendly policies and favorable regulations of the Central American nation.
Will Crypto Get Clarity?
Trump’s strong endorsement comes weeks after the CLARITY Act—a proposed law designed to establish a comprehensive regulatory framework for cryptocurrencies—passed a major vote in the Senate.
The bill received bipartisan support, with few Democratic Senators breaking ranks to vote in favor alongside all Republican committee members.
However, the bill faces stiff resistance from some lawmakers. Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, has vigorously opposed the bill, citing its failure to tackle conflicts of interest arising from Trump and his family’s involvement in cryptocurrency ventures.
Warren has been a staunch critic of the Trump family-linked businesses, including the Official Trump (CRYPTO: TRUMP) memecoin and World Liberty Financial, a decentralized finance platform.