Earlier this month, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve.
On Tuesday, World Liberty Financial, the decentralized finance venture backed by Trump and his family, announced it has launched a stablecoin dubbed USD1 which will be pegged to the U.S. dollar and be backed by short-term U.S. government treasuries, U.S. dollar deposits, and other cash equivalents. It will soon go live on the Ethereum and Binance Smart Chain networks.
At last week’s Digital Asset Summit in New York City, Trump addressed attendees virtually, saying the crypto industry “will unleash an explosion of economic growth, and with the dollar back, stablecoins, you’ll help expand the dominance of the U.S. dollar.”
World Liberty Financial's launch comes as the market cap for dollar-backed stablecoins — cryptocurrencies that promise a fixed value peg to another asset — has been climbing to new all-time-highs this year and has grown more than 46% in the past year, according to CryptoQuant.
Given what Democrats are proposing, the cryptocurrency industry could not have been more pleased with the outcome of the 2024 election.
"It seems certain that whatever they would have proposed if they had the power to make it happen would have demolished and centralized cryptocurrencies forever," the America First Report noted on Tuesday.
"On top of that, it would have brought woke battlegrounds like climate change and systemic racism into the crypto realm. This would have been a disaster."
On Friday, Maryland Democrat Delegate Adrian Boafo and New York Democrat Assemblyman Clyde Vanel sent a joint letter to Democrat leaders in Congress urging them to pass comprehensive crypto legislation at the federal level, according to bitcoinmagazine.com.
In the letter, Boafo and Vanel cited New York as being a leader in crypto regulation and proposed that New York’s BitLicense be used as a model for what federal crypto regulation should look like. The letter’s authors also noted that New York State has placed a two-year moratorium on proof-of-work cryptocurrency mining that uses fossil fuels (seemingly citing this as something else the federal government might consider doing).
Writing for Bitcoin Magaizine, Frank Corva noted: "It was upon reading these points in the letter that I realized that Democrats are capable of putting forward Bitcoin and crypto policy ideas stupider than what former Vice President Harris proposed in October 2024, which was 'a regulatory framework for cryptocurrency and other digital assets [that protects] black men who invest in and own these assets.' "
The America First Report concluded:
"The proposed regulations from Democrats are about as funny as a bad SNL skit and far more absurd. From mining moratoriums to prevent the world from burning up through crypto-driven global warming to specific racial and gender regulations to help certain groups trade in cryptocurrency more easily than others, the evidence is clear that Democrats either don’t understand the industry or they DO understand it and want to destroy it.
"Thank God President Donald J Trump won the election and brought crypto-literate people into his administration."
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