U.S. President Donald Trump said he plans to sign a major crypto market structure bill “very soon,” signaling a push to position the United States as the global capital for cryptocurrency.
Speaking at the World Economic Forum in Davos, Trump said backing crypto legislation is both politically smart and strategically important, especially as competition grows in crypto and artificial intelligence. He highlighted early support for legislation such as the GENIUS stablecoin act, calling it a key step toward clearer rules for the industry.
“Congress is working very hard on crypto market structure legislation, which I hope to sign very soon,” Trump said, adding that clear rules could help unlock new paths to financial freedom for Americans.
Congress still working through details
Trump’s comments come as lawmakers and the crypto industry remain in wait-and-see mode. Senators are currently out of session, while many crypto executives are attending meetings in Davos. Behind the scenes, congressional staff are preparing for the next phase of negotiations.
The US Senate Agriculture Committee is expected to release an updated version of its crypto market structure bill shortly. This new draft should clarify where lawmakers stand on some of the most debated issues, including how digital assets are defined and which regulator oversees different parts of the crypto market.
Committee leaders have been working to build a bipartisan deal, though disagreements remain over topics such as meme coins, listing standards, funding for regulators, and ethics rules.
Banking committee faces uncertainty
Progress in the Senate Banking Committee has been slower. A planned markup was postponed last week, and there is still no confirmed date for when it will resume. Lawmakers and staff say much depends on whether industry players and banks can resolve disagreements around stablecoin yield.
That debate intensified after Coinbase pulled its support for the bill, a move that helped stall the process. Coinbase CEO Brian Armstrong has since been meeting with major banking leaders in Davos in an effort to rebuild consensus.
White House pressure grows
White House Crypto Council Executive Director Patrick Witt recently warned that delaying crypto legislation could backfire. He suggested that missing the current political window could lead to tougher rules under a future administration less friendly to crypto.
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