Early in Donald Trump’s term, his then-advisor David Sacks announced the administration’s intention to pass a stablecoin regulatory bill and a cryptocurrency market structure bill.
The White House missed its deadline on both of those bills but did eventually pass a stablecoin regulatory bill in the form of the GENIUS Act.
However, the market structure bill hasn’t yet been signed into law, and tomorrow is the White House’s new July 4 deadline for this legislation.
David Sacks promised ‘market structure bill in 100 days’ a year ago
Patrick Witt, one of Trump’s current advisors, previously stated the White House was targeting July 4 for the signing, saying, “I think that would be a tremendous birthday present for America, celebrating our 250th.”
He further added that should the act fail to reach this deadline, “we are going to be a rule follower, and we’re going to be following somebody else’s rulebook on this. And God forbid it’s China that’s ultimately writing those rules.”
Unfortunately for Witt’s natural paranoia, it seems extraordinarily unlikely that this bill will be passed today and signed tomorrow.
For one thing, the Senate isn’t meeting for floor proceedings today, making it impossible to pass a bill.
This Trumpian crypto failure was easily foreseen; Republicans are unwilling to place in an ethics provision that would limit Trump’s ability to profit from cryptocurrency, and Democrats have no incentive to bend on ethics rules when they can use it to tar Republicans as corrupt.
Moreover, the Senate cannot even pass important bills like the National Defense Authorization Act, which makes it even more hilarious that the White House was willing to publicly deceive the public into believing it was plausible that this bill would pass.
Even the Democrats who voted to move this bill out of the Banking Committee, Ruben Gallego and Angela Alsobrooks, have both stated that they have yet to determine their final vote on this act.
Other Trump cryptocurrency failures
This isn’t the only embarrassing miss when it comes to crypto for this administration.
Despite throwing the federal government, in the form of the Strategic Bitcoin Reserve, and his social media company/ETF provider, Trump Media and Technology Group, behind $BTC, its value has plummeted during Trump’s administration.
Its price has fallen from approximately $106,000 to less than $62,000 now.
During Trump’s campaign he also insisted that all $BTC should be “made in the US.”
However, there’s no substantial evidence that large amounts of $BTC mining have relocated to the US, and some US-based miners have pivoted to providing infrastructure at their data centers to artificial intelligence.
When Trump created the Strategic Bitcoin Reserve, he also promised that it would include “XRP, SOL, and ADA.”
He later added ETH to the list as well.
These assets weren’t included in the strategic reserve, though they may be part of the US Digital Asset Stockpile, which holds the non-$BTC digital assets that have ended up in the possession of the US government.
It’s hard to say with a high degree of certainty what assets may be included in there, as there’s very little transparency, and the reports that were demanded within 30 or 60 days have not been made public, so we’re left to speculate.
Had the reserve included these assets, it would have lost money on every single one since the stockpile was announced.
Some, like Cardano, have lost truly incredible amounts of value, plummeting by more than 80%.
Despite these problems, Trump has still been able to personally make billions of dollars from the crypto industry during these plunges.
ANALYSIS: Mapping Donald Trump’s growing crypto empire
World Liberty Financial, where he’s co-founder, passed its first governance proposal nearly 600 days ago. Despite that it’s failed to launch the Aave instance promised in that.
Trump Media and Technology Group filed for crypto exchange traded funds and then abandoned the idea.
Even his eponymous memecoin has suffered, dropping by more than 96% from its peak.
However, despite these failures, Trump has grown ever more wealthy; Indeed, his fortune is now many billions larger than it was when he became president.
Everyone else in the crypto ecosystem may be suffering, but perhaps that’s because they have yet to fully embrace the cartoonish corruption.
Sure, the bills aren’t being passed, the reports aren’t being published, and the prices are plummeting, but at least the president is able to get richer.
What could be more appropriate for the first crypto president than someone who’s far better at extracting money than advancing the industry?
