18.07.2025 07:00

The White House unexpectedly unveiled its staunch support for new cryptocurrency legislation, marking a significant shift in US policy. A spokesperson revealed President Trump's endorsement of the initiative, aiming to facilitate widespread cryptocurrency adoption for everyday transactions.

The administration's proactive stance includes advocating for a tax exemption of up to $600 on cryptocurrency purchases, envisioning a future where using crypto is as simple as buying a cup of coffee. This measure, the spokesperson emphasized, reflects the President's commitment to streamlining crypto payments.

Furthermore, the White House confirmed the "GENIUS Act," encompassing regulations on cryptocurrency taxation and digital payments, has secured enough Congressional backing for passage. President Trump is slated to sign this bill into law this Friday, alongside other legislation concerning encryption technologies.

While the White House reported promising progress in ongoing trade negotiations with the European Union, their stance on a proposed Canada agreement remains cautiously optimistic, with a "wait-and-see" approach adopted. A firm deadline was issued regarding Russia: failure to reach a trade agreement within 50 days will trigger substantial tariffs and secondary sanctions targeting those importing Russian oil.

*This is not investment advice. For exclusive news and analysis, follow us on Telegram and Twitter.* Information obtained from internet sources.