Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments, gold, and private equity in a move that would spur a radical shift in the way Americans’ savings are managed.
Trump speaking to crypto executives while signing the GENIUS Act stablecoin bill: “I got you guys out of so much trouble... They’ve got plenty of cash, and it’s great that you’re on our side.”
Note: I retained Trump’s comments about Biden to avoid taking his statement out of context, but his claim that Biden “dropped all charges” against crypto executives during his (or Harris’s) campaign is false.
my phone homescreen is featured in the "Screen share" section of yesterday's issue of The Verge's Installer newsletter. let me lure you in with a picture of my cat and then convince you to use e2ee messaging
Trump is seeking to direct Americans' retirement funds to a sector in which he and his family are heavily invested.
The House has passed the GENIUS Act stablecoin bill, sending it to Trump's desk where he will sign it. They've also passed the CLARITY Act crypto market structure bill and the Anti-CBDC Surveillance State Act, both of which still need to go to the Senate.
It's no coincidence that the Fairshake crypto super PAC has timed its press release announcing they have $140 million ready for the midterms as Congress is considering three crypto bills during "Crypto Week". Pass our bills, or we will spend millions against you in the midterms.
A couple of years ago I wrote a tweet thread about how I'd begun to see people in the crypto and finreg spaces expressing excitement about the traceability of cryptocurrencies.
Thinking back to it as I watch Senators and crypto industry executives talk about how delightfully traceable public blockchains are. No pesky warrant required!