OPINION: The failures and follies of Trump’s crypto White House
Donald Trump has embraced cryptocurrency, and it's massively contributed to this wealth, but has the industry benefited? The post OPINION: The failures and follies of Trump’s crypto White House appeared first on Protos.
Early in Donald Trump’s term, his then-advisor David Sacks announced the administration’s intention to pass a stablecoin regulatory bill and a cryptocurrency market structure bill. The White House missed its deadline on both of those bills but did eventually pass a stablecoin regulatory bill in the form of the GENIUS Act. However, the market structure bill hasn’t yet been signed into law, and tomorrow is the White House’s new July 4 deadline for this legislation.
David Sacks promised ‘market structure bill in 100 days’ a year ago Read more: Crypto Czar and Republican Congressmen hope for legislation Patrick Witt, one of Trump’s current advisors, previously stated the White House was targeting July 4 for the signing, saying, “I think that would be a tremendous birthday present for America, celebrating our 250th.” He further added that should the act fail to reach this deadline, “we are going to be a rule follower, and we’re going to be following somebody else’s rulebook on this. And God forbid it’s China that’s ultimately writing those rules.”
Unfortunately for Witt’s natural paranoia, it seems extraordinarily unlikely that this bill will be passed today and signed tomorrow. For one thing, the Senate isn’t meeting for floor proceedings today, making it impossible to pass a bill. This Trumpian crypto failure was easily foreseen; Republicans are unwilling to place in an ethics provision that would limit Trump’s ability to profit from cryptocurrency, and Democrats have no incentive to bend on ethics rules when they can use it to tar Republicans as corrupt.
Moreover, the Senate cannot even pass important bills like the National Defense Authorization Act, which makes it even more hilarious that the White House was willing to publicly deceive the public into believing it was plausible that this bill would pass. Even the Democrats who voted to move this bill out of the Banking Committee, Ruben Gallego and Angela Alsobrooks, have both stated that they have yet to determine t
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