According to media reports, U.S. President Donald Trump defended cryptocurrency legislation that is currently working its way through Congress at a private event.
Trump made the comments at a gathering for a few hundred of the top $TRUMP (CRYPTO: $TRUMP) meme coin owners that also featured boxer Mike Tyson.
Speaking at his private Mar-a-Lago club in Florida, Trump defended the “Digital Asset Market Clarity Act” and warned bankers against getting in the way of the proposed legislation.
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Trump apparently criticized bank lobbyists who have worked to stall the legislation that aims to provide regulatory clarity around the crypto industry.
Banking groups have voiced concerns that the U.S. regulations will pave the way for stablecoin rewards programs that, the bankers argue, could threaten their traditional deposit accounts.
The lobbying efforts have derailed Senate progress on the legislation, although recent discussions suggest the bill could get back on track in the current session of Congress.
Trump said the legislation is needed as the U.S. is now “the leader in crypto. It's become mainstream.”
The president's private crypto event was attended by a number of key executives, including Tether CEO Paolo Ardoino and Ark Invest’s Cathie Wood.
The latest crypto gathering comes as Trump continues to back digital asset ventures tied to his name, drawing both industry support and political scrutiny in Washington, D.C.