President Donald Trump told global leaders at Davos he pushed crypto legislation for two reasons: it won him “tremendous political support” and it stopped China from dominating the market—then promised to sign major crypto bills “very soon.”
Trump Confirms Crypto Was A Campaign Play
During his Wednesday speech at the World Economic Forum in Switzerland, the President pointed out that embracing Bitcoin (CRYPTO: BTC) and digital assets helped to lock in that votes that were alienated by the stringent regulation enforced by the Biden administration.
“Biden was totally against it until before the election, when they realized there were millions of people voting against them over crypto. And all of a sudden, they loved it very much. But it was too late. They blew it,” Trump said.
Trump framed crypto as a national security priority, drawing a direct parallel to the AI race with China, suggesting that China supposedly pursued dominance in the crypto market the same way it moved to control AI development.
According to Trump, letting China lead in either space threatens U.S. economic and strategic interests.
“We have to make it so that China doesn’t get the hold of it,” Trump said, adding that America has the AI market “pretty well locked up” and needs to do the same with digital assets.
What Bills Are Coming
Trump said he signed the GENIUS Act into law last year and is waiting for Congress to finalize broader market structure legislation covering Bitcoin and crypto trading rules.
“Congress is working very hard on crypto market structure legislation, Bitcoin, all of them, which I hope to sign very soon, unlocking new pathways for Americans to reach financial freedom,” Trump said.
The U.S. Senate is grinding through two committee drafts of market structure bills.
One committee dropped draft language Wednesday, while the other pulled a scheduled vote last week and is still negotiating.
What Happens Next
Trump’s Davos remarks confirm the administration’s continued interest in policies friendly to digital assets, although traders may want to prepare for a potential sell-the-news reaction once legislation passes.
Image: Shutterstock
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