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Trump Jr. highlights personal banking challenges and economic incentives as reasons for supporting clear digital asset regulations.
Photo: Chandan Khanna
Key Takeaways
- Donald Trump Jr. urged Congress to pass legislation to establish clear regulatory frameworks for the US crypto industry.
- He believes anchoring the multi-trillion dollar crypto industry in the US will drive economic growth and innovation.
Donald Trump Jr. said the US should lead the global crypto industry, describing it as a “multi-trillion-dollar” opportunity and stressing the need for legislation that provides a clear framework to foster innovation and secure domestic tax revenue.
“Crypto is going to be the future of finance. We were doing everything imaginable in the prior administration to send that to other places. People want to be in America. They want to invest in America. They want that stability. What they need is some guide rails,” said Trump Jr., speaking on “Bloomberg The Close” on Tuesday.
Trump Jr. reiterated that his involvement in crypto platforms emerged out of necessity rather than expertise.
“We didn’t get into that because we knew all that much about crypto. We got into it out of necessity because we were getting debanked,” he explained.
Trump Jr. pointed out the economic potential of the crypto industry, advocating for its development within the US.
“This is going to be a multi-trillion dollar industry, and it should be based here in America. America should get the tax benefits of all of that. They should have the innovation, the growth, that strategic thinking,” he noted.
“I’m super excited about that bill because I think it’s going to really make sure that America is the home of crypto and blockchain technology for the future,” he added.
On Tuesday, lawmakers failed to pass a procedural vote in the House of Representatives, blocking the advancement of three key crypto bills during Crypto Week.
Among these, the GENIUS Act and the Clarity Act aim to establish comprehensive regulations for the US stablecoin and crypto markets, including clear frameworks for SEC and CFTC oversight, mandatory audits, and enhanced financial disclosures for digital asset firms.
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