Crypto spends $1 trillion as bitcoin declines, but wilbur ross remains the bully
Former Secretary of Commerce Wilbur ROSS and Rebone CEO Jaime Levereton discussed on Fox News Digital The Importance of Crypto as a Class C.
Specialties: Crypto markets have lost more than $1 trillion in value over the past six weeks as bitcoin fell below $90,000, sparking fears surrounding the sector’s growth. But Donald Trump’s first commercial president remains optimistic about the industry’s long-term future, as revealed in an exclusive interview with Fox News Digital.
Wilbur Ross, who served as the secretary of commerce in the first administration of Trump, told FOX News Digital why he believes that cryptocurrency is “no longer a broken thing” despite the recent slide of the market.
“In the early days, crypto was very little of a wild phenomenon,” Rosse told Fox News Digital. “Now, with the kind of control and attention that’s really being paid, it’s all changed. And that’s part of what turned me into a long-term skeptic.”
“Crypto is about half the trading volume of gold,” Ross continued. “So it has a lot of room to go in terms of broader participation. You’ve seen 193 companies using crypto in their assets.”
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Former Secretary of Commerce Wilbur Ross Tells FOX News Digital He’s Bullish About Crypto’s Future – He Calls It “No Longer Bullish” (Image credit by Dan kitwood/Getty Images/Getty Images)
“You’re seeing big banks starting to deal with stablecoins,” Ross added. “It’s just exploding in terms of products using Crypto.”
The upcoming question of whether Congress will be able to get the Digital Market Market Act, also known as the Clarity Act, on Trump’s desk is waiting for crypto investors and the entire industry. The legislation remains up for grabs in the Senate after the house passes the bill over the summer, and it could be a major milestone for the crypto space.
Senate Banking Chairman Tim Scott, R-SC, has been an outspoken advocate of getting the US to dominate the crypto space.
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“At the end of this year, next month, we believe we can mark and vote on all the committees and get the opportunity to be the American Capital for the next 100 years for the next 100 years.
Senate Banking Committee Chairman Tim Scott, R-SC, has been an outspoken advocate for Crypto Chief. (Al Dragon/Bloomberg via Getty Images/Getty Images)
“The Democrats have been tough and tough and tough because they don’t want Teogameli Trump to be the crypto capital of the World,” Scott added.
Industry leaders are hopeful the law will pass, with Recone CEO Jaime Leverton telling Fox Digital News that the law moving forward shouldn’t be part of the problem.
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“Crypto shouldn’t be part of it,” Leventton told Fox News Digital. “Bitcoin was truly built by the people, for the people – to provide access to the financial system for billions of underprivileged people around the world, including here in the US”
“I’ve always been confused by the Democrats not accepting something that was built that wasn’t caught. It has such a good story that seems like structures that are compatible with both sides of the road,” said the CEO.
President Donald Trump has said that he wants to make America the “Crypto Capital of the World.” (Getty Images / image / Getty Images)
Rebone’s architecture could be a critical piece to bring traditional investors into the Crypto Ecosystem by allowing a diversified, market-based approach to the Crypto Market by overcoming what investors see as barriers to entry in the Digital Asset Market.
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“We are in the process of going public with a de-spac,” Leentton explained. “Right now it’s trading as a spac ticker embav. We were announced a few weeks ago that we were going to take S-4 private.
“Reronene is a Digital Deseres’s Treasure company but built unlike anything else we’ve seen on the market,” Leentton continued. “We’re the only high-profile, diversified company that’s expected to be 80% bitcoin and 20% other tokens.”
Bitcoin slid below $90,000 this week. (Stock / istock)
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Leading the foundation and creating the country’s US Stablecoins (Genius) Act, was signed into law by Trump in July and established that the GOP-Led Congress and Administration are serious about advancing their Pro-Crypto agenda.
If the clarifying act is signed into law before the end of the year, as Scott noted, it would be a big step forward for the crypto industry as a whole, as well as regulatory priorities.
