U.S. President Donald Trump said on the 19th (local time) that interest rates are not rising because of Korea's success, and that they should be able to go down in line with success.
At an event at the White House that day with key figures in the cryptocurrency industry, President Trump said, "When we release good numbers (economic indicators), they keep raising interest rates because they fear inflation too much. Instead, interest rates should be lowered."
This is interpreted as a criticism of the monetary policy stance of the Federal Reserve (Fed), which has kept rates high out of concern that inflationary pressures could grow. Trump has continued to press for rate cuts, saying the Fed is keeping rates excessively high.
At the event, President Trump urged Congress to pass the CLARITY Act. The bill aims to establish a regulatory framework for the U.S. cryptocurrency market, with its core provision classifying cryptocurrencies as "securities" and "commodities" to divide regulatory jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Trump administration expects this to improve regulatory uncertainty over virtual assets.
However, passage of the bill in Congress does not appear likely to be smooth. According to Reuters, Democratic lawmakers and some Republicans say they cannot vote in favor unless the bill includes provisions banning politicians, including President Trump, from profiting through cryptocurrency businesses. Since returning to power in January last year, Trump has pursued crypto-friendly policies, and in the process the Trump family is estimated to have earned more than $1.4 billion through family-owned cryptocurrency corporations and other channels in revenue.
President Trump said the United States ranks No. 1 and China No. 2 in artificial intelligence (AI), adding, "I would never want to underestimate China, but for now we are far ahead." He also said he would discuss AI with Chinese President Xi Jinping, who is scheduled to visit the United States on the 24th of next month.