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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.
Apr 25, 2026, 6:53 p.m.
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.
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.
