Trump releases positive crypto policy: announces swift bill signing amid market plunge

Latest news indicates that U.S. President Trump has expressed the hope to sign the cryptocurrency bill as soon as possible. This statement sends a clear policy signal, but the timing is quite delicate—happening amidst market panic caused by his tariff threats. Over the past two days, the crypto market has experienced significant adjustments, with Bitcoin briefly dropping below $92,000 and over $860 million in liquidations across the network within 24 hours. Against this backdrop, Trump’s crypto-friendly stance appears particularly crucial.

Policy Signal vs. Market Reality

Trump’s Crypto Commitment

According to the latest reports, Trump has explicitly expressed his willingness to push forward with the cryptocurrency bill. This aligns with his generally relatively friendly attitude toward the crypto industry. During his tenure, crypto policy became a key issue, and this latest statement further confirms his emphasis on this sector.

What the Market is Experiencing

In stark contrast, the crypto market is under multiple pressures:

• Trump’s threat to impose a 10% tariff on eight European countries over Greenland issues, sparking concerns over a trade war
• Bitcoin, after reaching a high of $97,000 last week, quickly retreated to around $92,000
• Ethereum fell below $3,200, Solana dropped below $140
• XRP fell below $2 due to delays in discussions of the CLARITY Act, with open interest down 9% to $3.55 billion
• Long liquidation ratio approaching 90%, risk aversion sentiment intensifies

This contradictory phenomenon reflects the complex sentiment towards Trump’s policies: on one hand, expectations for crypto-friendly policies; on the other, concerns that his geopolitical moves could trigger greater economic uncertainty.

Key Background for the Crypto Bill’s Progress

The Bumpy Road of the CLARITY Act

The crypto bill (CLARITY Act) previously faced obstacles in the Senate. This highly anticipated legislation aims to provide a clear regulatory framework for cryptocurrencies, but its progress has been slow. Trump’s recent indication of wanting to sign quickly suggests he may intensify efforts to overcome Senate hurdles.

Changes in the Policy Environment

The shift in the Federal Reserve chairmanship also adds new variables to the policy landscape. Market expectations now favor Kevin Waugh as the next Fed chair (about 60% probability), rather than the previously favored Kevin Hasset. Such personnel changes could influence future monetary policy directions, indirectly impacting the crypto market.

In-Depth Analysis: What Does This Signal Mean?

Possibility of Policy Advancement

While Trump’s statement does not specify a timeline, the word “as soon as possible” implies urgency. Considering his typical policy push style during his term, this could mean:

• The crypto bill may see progress in the coming weeks or months
• Trump might leverage executive powers or negotiate with Congress to accelerate its passage
• The likelihood of the bill passing is higher compared to recent market pessimism

Potential Market Reactions

If the bill indeed advances, how might the market respond? Based on historical experience and current sentiment:

• A short-term rebound, especially in crypto-friendly tokens, is possible
• However, due to ongoing geopolitical risks and macro uncertainties, the rebound may be limited
• The market is more likely to adopt a “profit-enhancement” strategy rather than aggressive chasing (as indicated by Matrixport’s analysis, investors are selling call options to boost yields)

Personal Viewpoint

This timing is quite interesting. Trump releasing a crypto-positive signal at a moment of market pessimism might be intentional—aiming to boost confidence while demonstrating support for the industry. But whether the market will buy into it depends on subsequent actions. There’s still a long way from public statements to actual signing; investors should remain cautious.

Key Areas to Watch Next

• Progress of the CLARITY Act in the Senate and House
• Whether Trump will take concrete steps to push the bill forward
• Impact of the new Fed chair candidate on the crypto market
• The effect of Trump’s tariffs on the global economy (potentially continuing to suppress risk assets)
• Whether market sentiment will reverse due to policy positive signals

Summary

Trump’s recent statement is a positive signal for the crypto industry but should not be overinterpreted. Currently, the market is caught between policy optimism and macro risks: on one side, positive policy signals; on the other, trade war fears and Fed uncertainties. The real turning point likely depends on substantive progress of the bill. Investors should monitor policy developments while remaining vigilant about macro risks. Whether the “Trump moment” in crypto can continue ultimately hinges on whether policies are actually implemented, not just expressed.