Recent developments in the White House have demonstrated that the US government recognizes and has embraced Bitcoin and cryptocurrencies.
US Securities and Exchange Commission (SEC) Chair Paul Atkins believes that the digital asset industry has come to stay in the United States. During an appearance on CNBC’s Squawk Box, he noted that all indicators point to the legitimacy of the sector as an integral part of the US economic market.
US Government Now Approves of Bitcoin
Atkins lauded the recent efforts of the current US President, Donald Trump, and Congress to create regulatory clarity for the stablecoin industry through the GENIUS Act. For context, Trump signed the bill on Saturday, following its passage in the US Senate and then in the US House this month.
The pro-crypto SEC chair claimed that this signifies that the US government has given its stamp of approval on Bitcoin and cryptocurrencies, a move never seen before in the industry’s history. Notably, it also marks a complete turnaround in the sector’s fate compared to the previous administration, where it faced a barrage of legal actions and unclear regulation.
Meanwhile, Atkin emphasized that the recently approved legislation would transform the existing settlement system, which Trump mentioned was outdated. The use of stablecoins would usher in an instantaneous and cost-effective rail for the payment and delivery of securities, the commissioner’s leader highlighted.
Interestingly, the bipartisan Congress’s support and Trump’s admiration of the GENIUS Act follow sentiments that it would sustain the US dollar’s relevance and make America the undisputed leader in the digital asset scene. Top White House officials teased that the stablecoin legislation would bring in trillions of dollars to the US economy.
Trump’s Holistic Embrace of Cryptocurrencies
The US president transitioned from a skeptic to a Bitcoin believer in the run-up to his second term, promising to be a Bitcoin-friendly president. This move earned him financial support and the votes of crypto enthusiasts.
During his first few months in office, he signed an executive order to establish a strategic crypto reserve and tasked the White House crypto working committee to pursue budget-neutral means of acquiring more Bitcoin. Again, Trump’s cabinet choice and consistent cheer at every milestone achieved demonstrated his friendly gesture towards the sector.
Most recently, Trump urged the US House to pass the GENIUS bill hastily and stepped in to put hardliners in line when the bill suffered a setback last week. He did not waste any time giving his approval when the bill passed, all of which points to his recognition of the digital asset industry.
Meanwhile, this adoption has seen cryptos outperform most major stocks since Trump entered office. Bitcoin rallied to a new all-time high of $123,181, XRP reached a seven-year high, and Ethereum rebounded to higher prices.
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