U.S. President Donald Trump has signed new laws that have garnered support from crypto initiatives. However, some economists express skepticism regarding these measures.
Signed Laws
Trump signed the GENIUS Act, the CLARITY Act, and anti-CBDC legislation. These initiatives were met with positive responses from cryptocurrency supporters.
Peter Schiff's Criticism
Peter Schiff expressed the view that the true motive behind the new laws is to boost Bitcoin's image and allow insiders to exit at inflated prices. He stated that these measures do not strengthen the economy but rather lead to a deeper dollar crisis. Schiff also suggested that an upcoming executive order allowing retirement funds to invest in digital assets could further destabilize the U.S. financial system. He commented, 'Bitcoiners may cheer for a dollar crash, but gold will outlast them all when Bitcoin collapses too.' CITE_W_A
Market Response and Consequences
The market response was skeptical, with Bitcoin falling by 2% that day, and major altcoins also experiencing a pullback after a strong rally. This suggests a classic 'sell-the-news' scenario.
Trump's new legislative initiatives evoke mixed reactions within the crypto community and among economists, raising questions about the future of the dollar and cryptocurrencies.
