US President Donald Trump has sparked conflict with the financial industry by supporting the growth of the cryptocurrency industry through the "Genius Act," a cryptocurrency bill. He criticized banks opposing the bill, claiming it is a necessary step toward establishing the United States as a hub for cryptocurrency.
This bill includes the institutionalization of "stablecoins," cryptocurrencies pegged to traditional currencies like the US dollar. The "Clarity Act" is being pursued concurrently as a measure to clarify the rules applicable across the US digital asset market. President Trump plans to use this system to establish the cryptocurrency industry in the US, but banks are demanding additional legislation, citing potential legal loopholes in the process.
Amidst this situation, President Trump reaffirmed his support for the cryptocurrency exchange Coinbase on his social media platform, TrueSocial, immediately following his meeting with the exchange. In a statement, he criticized the banks for obstructing the Genius Act, calling their actions unacceptable.
The cryptocurrency market reacted immediately to his announcement. On the 4th, the price of Bitcoin rose more than 7% from the previous day, briefly surpassing $74,000. President Trump's remarks appear to have served as a positive signal in the cryptocurrency market, raising investor expectations.
While this trend is expected to spur growth in the cryptocurrency industry going forward, the possibility of increased market volatility cannot be ruled out if changes to financial regulations are not implemented consistently. Economic experts analyze that the specific implementation of the bill and the coordination process with banks and financial institutions will be crucial factors in determining the future of the cryptocurrency industry.
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