The US president said he supported the GENIUS Act because it was “politically popular,” but added the main reason was in response to China.
US President Donald Trump used part of his speech addressing the crowd at the World Economic Forum (WEF) on Wednesday to discuss the motivations behind his crypto policies, saying China’s regulatory landscape was a factor.
In a Wednesday speech at the WEF’s annual meeting in Davos, Switzerland, Trump said he supported the signing of the payment stablecoin-focused legislation, the GENIUS Act, in July because it was “politically good” and “China wanted that market, too.”
“[I]t is politically popular,” said Trump on crypto. “But it’s, much more importantly, we have to make it so that China doesn’t get the hold of it. And once they have that hold, we’re not going to be able to get it back.”
