Trump defends crypto legislation at private event featuring boxer Mike Tyson, Tether CEO

President Donald Trump, at a Mar-a-Lago gathering of investors in his self-branded memecoin, said crypto is mainstream and banks should back off the industry's bill.

What to know:

• At a private Mar-a-Lago event for top $TRUMP memecoin holders, President Donald Trump vowed he would not let banks derail the long-delayed Clarity Act on U.S. crypto market structure.
• The Clarity Act, intended to define how digital assets are regulated, has been stalled by disputes between banks and crypto firms over whether interest-bearing stablecoin products should be treated like traditional bank deposits.
• Trump used the gathering of crypto executives, investors and celebrities to reaffirm his support for the digital asset industry, even as his crypto-linked ventures attract both backing from the sector and heightened political scrutiny.

A few hundred of the top $TRUMP memecoin holders were treated to some personal time with U.S. President Donald Trump and his high-profile guests on Saturday at an event at his Florida club in which Trump warned bankers against getting in the way of crypto legislation.

Speaking at the private Mar-a-Lago gathering in Palm Beach, Florida, Trump took up the stance his White House crypto advisers had occupied on the Digital Asset Market Clarity Act, according to a person attending the conference. He pushed back against the bank lobbyists who'd stalled the legislation — the crypto industry's primary policy aim.

The White House won't let the banks ruin the crypto market structure legislation, Trump said at the event, a finance-focused gathering billed as "the most exclusive conference in the world."

In negotiations over recent months, banking groups had won over some senators over their concerns about how U.S. regulations would pave the way for stablecoin rewards programs that the bankers argued could threaten their traditional deposit accounts. The objection derailed Senate progress on the effort to win a new U.S. regulatory regime for crypto, though recent discussions suggest the bill could still get back on track and has a potential path to survive a tightening lawmaking calendar this year. Trump has signaled that's a priority.

The president's event featured a roster of crypto executives and investors, including Tether CEO Paolo Ardoino, Ark Invest’s Cathie Wood and Anchorage Digital CEO Nathan McCauley. Boxer Mike Tyson was also in attendance.

Beyond crypto, Trump touched on foreign policy issues including Iran, Venezuela and NATO, which he described as a “paper tiger” that is “never there for us.”

As for the digital asset industry, Trump stuck to his usual script: “We are the leader in crypto. It's become mainstream,” he said.

The conference comes as Trump continues to back crypto ventures tied to his name, drawing both industry support and political scrutiny. His close personal connections to digital assets businesses has been among the other sticking points on passing the Clarity Act, as Democratic negotiators have insisted that senior government officials, including the president, be banned from profiting off of the industry.

A previous event he appeared at for his memecoin investors last year touched off protests and Democratic criticism that his policy aims benefit his own business interests in an example of government corruption that needs to cease. He was also criticized for meeting privately with unnamed foreign business figures who'd effectively paid for their attendance.

More For You

The event, at which Trump himself is scheduled to speak, gathers top-tier holders of the $TRUMP meme coin.

What to know:

• A private cryptocurrency conference at Donald Trump’s Mar-a-Lago club in Palm Beach will feature executives, investors and public figures as speakers on Saturday.
• Tether CEO Paolo Ardoino, Ark Invest founder Cathie Wood and other industry leaders are slated to discuss topics including financial inclusion, the role of the U.S. dollar,...

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