- The White House will miss its July 4 deadline for passing a cryptocurrency market structure bill.
- The value of BTC has fallen from roughly $106,000 to under $62,000 during Trump’s administration.
- Promised digital assets like XRP, SOL, and ADA were not included in the Strategic Bitcoin Reserve.
- Trump’s personal memecoin has dropped by over 96% from its peak value.
The Trump administration is poised to fail its self-imposed July 4 deadline for signing a pivotal cryptocurrency market structure bill into law. This legislative lapse comes despite early promises from the White House to pass both a stablecoin bill and this market framework, as advisor Patrick Witt targeted the date for a signing he called a “tremendous birthday present for America.”
However, the Senate is not in session to pass any legislation, making the deadline impossible to meet. Consequently, this failure was easily foreseen due to partisan gridlock over ethics provisions. Meanwhile, the administration’s broader crypto initiatives have faced significant setbacks, with BTC losing substantial value since Trump took office.
The promised Strategic Bitcoin Reserve also did not include other digital assets like XRP, SOL, and ADA as Trump initially pledged. Had it included them, the reserve would have lost money on every single asset, with some like Cardano plummeting over 80%. Furthermore, Trump Media and Technology Group filed for crypto ETFs only to later abandon the idea.
Despite these industry-wide struggles, Trump’s personal fortune has grown by many billions. Reports demanded within specific timeframes for the United States Digital Asset Stockpile have not been made public, leaving its contents to speculation. Ultimately, while crypto prices plummet and legislation stalls, the president has personally prospered.
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