President Donald Trump stressed on Wednesday the need to ensure that China did not get a hold of the cryptocurrency market as the US would not be able to get it back once Beijing gets that hold.
To unleash innovation, savings and financing, Trump said he was also working to ensure America "remains the crypto capital of the world". "And to that end, last year, I signed the landmark GENIUS Act into law."
The GENIUS Act sets initial guardrails and consumer protections for stablecoins, a type of cryptocurrency that is tied to a stable asset like the US dollar to reduce price volatility. It passed both the House and Senate with wide bipartisan margins. The measure is meant to bolster consumer confidence in the rapidly growing crypto sector.
"Now, Congress is working very hard on crypto market structure legislation, which I hope to sign very soon, unlocking new pathways for Americans to reach financial freedom," Trump said at the World Economic Forum 2026 in Davos, Switzerland.
The US president explained that he did it for two reasons. Firstly, he thought it was politically good, claiming that he got "tremendous political support". "But more importantly, China wants that market too, just like they want AI. And we've got that market I think pretty locked up," he said.
Trump alleged that former US president Joe Biden was totally against it until before the election when they realised that there were millions of people against him over crypto. "And all of a sudden, they loved it very much, but it was too late. They blew it."
"But it is much more important that we have to make it so that China doesn't get a hold of it and once they have that hold, we are not going to be able to get it back," he added.
ALSO READ: China Makes All Windmills, 'Stupid People Buy Them': Trump Derides Wind Energy In Davos Speech
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
