- Trump backs the GENIUS Act to support the launch of dollar-backed stablecoins.
- The GENIUS Act seeks to establish a clear U.S. crypto market structure.
- Lawmakers remain divided amid concerns over Trump’s crypto affiliations.
U.S. President Donald Trump again reached out to the crypto community, this time through a prerecorded message to the participants of Coinbase’s State of Crypto Summit in New York City.
His speech highlighted the interest of his administration in continuing to contribute to the future of digital assets, as there is increasing legislative momentum in Congress.
Trump Backs Stablecoin Regulation
Trump said that his government is working actively with legislators to endorse the GENIUS Act, which seeks to create regulations for dollar-backed stablecoins.
He further shed light on the efforts to construct a clearer digital asset market architecture, which will make America the leader in the world when it comes to crypto and Bitcoin adoption.
This is Trump’s second direct outreach to a cryptocurrency crowd since becoming president in January of 2025, after his appearance at the Bitcoin 2024 conference in Nashville and an earlier message to the Digital Asset Summit.
He continued his dedication to crypto policy via executive actions, such as setting up a national Bitcoin reserve, establishing a digital asset working group, and nominating Paul Atkins to head the Securities and Exchange Commission (SEC).
The GENIUS Act is pending a Senate vote, and the CLARITY Act—concerned with clarifying the SEC’s and Commodity Futures Trading Commission’s (CFTC) roles in regulating digital assets—is advancing toward a full House vote after passage out of committee.
Congress Debates Crypto Bills
Yet legislative momentum is opposed by some Democrats, who expressed fears of Trump’s possible conflicts of interest, such as a family-funded platform, World Liberty Financial, which has introduced its own stablecoin.
Trump’s ongoing overtures to the crypto industry come against a backdrop of growing scrutiny of federal expenditures and recent political scandals. But his message to Coinbase users is a part of a larger trend: U.S. leadership is growing louder and more divided about the future of digital finance.
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Source: https://thenewscrypto.com/trump-pushes-genius-act-to-strengthen-us-crypto-framework-at-coinbase-summit/