President Donald Trump says a stalled Senate vote on the CLARITY Act risks giving China room to advance in crypto. He also pushed back on ethics rules that would limit his family's involvement in the industry during his presidency, made in an interview with Punchbowl News.
President Donald Trump warned that a stalled Senate vote on the CLARITY Act could hand China room to advance in crypto, and he pushed back on ethics rules that would limit his family's involvement in the industry. He made the comments in an interview with Punchbowl News as lawmakers remain split over the bill.
Trump warns on crypto rivalry with China
Trump said it was possible for global competitors to benefit if U.S. crypto innovation keeps lagging behind, and he singled out China's aspirations in the industry. According to CoinGape: "We don't want to see China take over crypto," Trump said. He added that the U.S. needs to maintain its dominance in digital assets, since several countries are racing to become the industry's top power.
The remarks follow as lawmakers continue to split their votes on the CLARITY Act, which has gotten bogged down in the Senate. Discussions remain ongoing on ethics rules and provisions on illicit finance, among other issues still unresolved.
Trump defends his family's crypto ties
Trump also criticized ethics proposals that would limit his or his family's ability to participate in crypto businesses during his tenure, arguing the rules would unfairly single him out compared with other political figures. He said he would not mind placing his holdings in a blind trust, adding that he lets his children run the business and does not discuss government matters with them. Keeping the U.S. competitive in new industries remains his priority, he said.
Crypto measured against the AI race
He likened crypto's importance to artificial intelligence, saying both sectors have the potential to influence the future global economy. He argued the U.S. must remain the leader in both fields, saying China would welcome the chance to take over either one. He said his administration has contributed to bolstering the country's stance in digital assets, and that the U.S. is now leading in several other technology areas.
Trump also dismissed claims that tighter crypto regulation is needed for oversight, arguing such restrictions could stifle innovation and give foreign rivals an edge as other nations seek control of the industry. The CLARITY Act, still stuck in the Senate, remains central to the industry's push to set new standards for digital asset trading.
Source: CoinGape
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