Editor's PiCK
Trump: "Hope to sign the CLARITY Act soon.... Fed chair to be announced shortly"
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Summary
- President Donald Trump said he hopes to sign the Crypto Market Structure Act (the CLARITY Act) soon.
- Trump said the U.S. must respond first before China gains control of the crypto market, stressing the need from a national security standpoint.
- Trump said he will announce a new Federal Reserve (Fed) chair shortly, and criticized current Chair Jerome Powell as very inappropriate.
U.S. President Donald Trump said on the 21st (local time) that he "hopes to sign the Crypto Market Structure Act (the CLARITY Act) soon."
Speaking at the World Economic Forum in Davos, Switzerland, Trump said, "Congress is currently pushing actively to legislate the CLARITY Act," and made the remarks.
Trump stressed the need from a national security standpoint. He said, "China also wanted the crypto market," adding, "The United States must respond first before China gains control (of the crypto industry)." He continued, "(Pro-crypto policies) are politically popular, but more important is national security."
He also mentioned the selection of the next Federal Reserve (Fed) chair. Trump said, "I will announce the new Fed chair shortly," adding, "I will appoint a good person." He went on to say, "The current chair is very inappropriate," and criticized, "Chair Jerome Powell is always late."
Trump said, "The problem is that once people take the position, they change." The remarks are seen as directed at Powell. Powell was nominated as Fed chair during the first Trump administration in 2017.
Trump said, "It's surprising how people change once they get the position," adding, "It's a kind of disloyalty, but they think they have to do what they believe is right."
