Trump Administration Announces Pro-Crypto Policies Amid Midterm Election Pressures

ME News reports that on May 20 (UTC+8), last week, the highly anticipated CLARITY Act was formally approved by the U.S. Senate Banking Committee, marking a significant step toward becoming law. Earlier this week, Trump’s digital assets advisor, Patrick Witt, revealed that an announcement regarding a U.S. Bitcoin Strategic Reserve is expected within the coming weeks. Additionally, rumors of the U.S. SEC introducing an “innovation exemption” for tokenized stocks, alongside President Trump’s recent signing of a crypto-friendly executive order, signal a continuous stream of pro-crypto policies from the Trump administration. BlockBeats believes Trump’s primary motivation may stem from pressure ahead of the U.S. midterm elections. Historically, the president’s party often loses seats in midterms, and current projections suggest Democrats may regain control of the House while Republicans barely hold onto the Senate. Consequently, Trump urgently needs to attract young, tech-savvy, and libertarian voters by rolling out a series of favorable policies tied to the narrative of “American innovation leadership.” Meanwhile, crypto lobbying groups such as Fairshake have become major financial backers of Trump, and he must fulfill his pre-election pro-crypto promises to secure further donations. (Source: BlockBeats)