Trump Backs Cryptocurrency Industry Amid Regulatory Uncertainty

US President Donald Trump has pledged his support for the cryptocurrency industry, claiming that he will 'never let Crypto down'. In a statement on social media, Trump accused former SEC Chair Gary Gensler and the 'Anti-Crypto Army' of destroying the industry by driving out Bitcoin and other digital assets. He also claimed credit for turning America into the 'cryptocurrency capital of the world', stating that 'builders and entrepreneurs are coming back to the United States where they belong.'

The CLARITY Act, a bipartisan bill aimed at establishing a regulatory framework for digital assets, is set to be marked up in the Senate Banking Committee. The bill has received some opposition from lawmakers, including Senator Elizabeth Warren, who has expressed concerns over conflicts of interest arising from Trump's involvement in cryptocurrency ventures.

Bitcoin has also gained momentum, reaching near $81,000 levels due to institutional adoption and supportive regulation. Major financial institutions such as BNY Mellon have announced plans to launch regulated Bitcoin custody services, while the CLARITY Act aims to provide clarity on whether digital tokens are categorized as securities or commodities. The bill's passage is seen as crucial for the industry's growth and development in the United States.