U.S. President Donald Trump says he hopes to sign sweeping cryptocurrency legislation into law “very soon,” as key stakeholders splinter on key aspects of the bill.
During a wide-ranging speech on Wednesday at the annual World Economic Forum in Davos, Switzerland, Trump reiterated his stance that the U.S. is the “crypto capital of the world.”
“Now Congress is working very hard on crypto market structure legislation, bitcoin, all of them, which I hope to sign very soon,” Trump said.
Efforts have been ramping up to pass a bill in the Senate following a tumultuous past week, when the behemoth crypto exchange Coinbase withdrew its support, and the Senate Banking Committee postponed its hearing to vote on the bill at the eleventh hour.
One of the most contentious issues with the bill pits banks and the crypto industry against each other over the treatment of stablecoin rewards. Banking groups have sharply criticized a stablecoin law known as GENIUS, which passed over the summer. While the law bars issuers from paying direct interest to stablecoin holders, it does not prohibit third-party platforms such as Coinbase from offering rewards.
Bank groups say that a lack of clear limits could draw deposits away, hurting community banks, while some in the crypto industry accuse banks of trying to curb competition and say negotiations already happened before GENIUS was passed.
On Tuesday night, Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, said a bill needs to be passed before it loses momentum under a now crypto-friendly administration.
“‘No bill is better than a bad bill’ — What a privilege it is to be able to say those words thanks to President Trump’s victory, and the pro-crypto administration he has assembled,” Witt wrote on X, referencing comments from Coinbase CEO Brian Armstrong.
On Wednesday morning, Ripple CEO Brad Garlinghouse urged for the bill’s passage
“No piece of legislation has ever been perfect by everyone’s standards,” Garlinghouse said in a post on X. “What we need is a clear framework, allowing innovation to flourish — exactly what Market Structure will deliver.”
White House AI and Crypto Czar David Sacks discussed the yield issue during an interview on Wednesday with CNBC at Davos.
“I’m in favor of reaching a solution and facilitating a compromise so that we can get a bill for market structure on the president’s desk,” Sacks said.
The Senate Agriculture Committee, which has jurisdiction over the Commodity Futures Trading Commission and is slated to have a broader role in regulating crypto, is scheduled to hold a hearing to amend and vote on its version of the crypto bill on Jan. 27. Legislative text is expected to be released on Wednesday. The Senate Banking Committee has not yet rescheduled its hearing.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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