EXCLUSIVE: Crypto markets have broadly shed roughly $1 trillion in value over the past six weeks as Bitcoin falling below $90,000 sparked fears surrounding the industry’s growth. But President Donald Trump’s first Secretary of Commerce remains optimistic about the long-term future of the industry, as revealed in an exclusive interview with Fox News Digital.
Wilbur Ross, who served as Secretary of Commerce under Trump’s first administration, told Fox News Digital why he is bullish on crypto markets and why he believes cryptocurrency is “no longer just a fringe thing,” despite the recent slide in market value.
“In the very early days, crypto was a little bit of a Wild West scene,” Ross explained to Fox News Digital. “Now, with the regulatory environment and the attention that’s really being paid, it’s a whole changed thing. And that’s part of what converted me from being a real skeptic to being a long-term booster.”
“Crypto is only about half the volume of gold trading,” Ross continued. “So it certainly has plenty of room to go in terms of broader participation. You’ve seen 193 companies use crypto in their treasuries. You’re seeing ETFs all over the place.”
HOUSE OVERSIGHT PROBES WHETHER AMERICAN RETIREES’ PENSION FUNDS ARE BEING WEAPONIZED: ‘PROGRESSIVE PLAYBOOK’
“You’re seeing big banks start to deal with stablecoins,” Ross added. “It’s just exploding in terms of the products using crypto.”
The looming question of whether Congress will be able to get the Digital Asset Market Clarity Act, also known as the CLARITY Act, to Trump’s desk has weighed on crypto investors and the industry as a whole. The legislation remains held up in the Senate after the House passed the bill over the summer, and it would be a major milestone for the crypto space.
Senate Banking Committee Chairman Tim Scott, R-SC, has been an outspoken advocate in favor of projecting the U.S. to dominate the crypto space.
’60 MINUTES’ SEGMENT COMPARES TRUMP ECONOMY TO 1929 STOCK CRASH, CLAIMS CEOS TOO ‘NERVOUS’ TO SPEAK OUT
“By the end of this year, next month, we believe we can mark up and vote in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation making America the crypto capital of the world — protecting consumers while increasing the likelihood of America being the most dominant economic power for the next 100 years,” Scott told Fox Business’ Mornings with Maria on Tuesday.
“Democrats have been stalling and stalling and stalling because they don’t want President Trump to be the crypto capital of the world,” Scott added.
Industry leaders are optimistic about the passage of the legislation, with ReserveOne CEO Jaime Leverton telling Fox News Digital that moving regulatory legislation forward shouldn’t be a partisan issue.
TRUMP CALLS FOR FEDERAL AI STANDARDS, END TO STATE ‘PATCHWORK’ REGULATIONS ‘THREATENING’ ECONOMIC GROWTH
“Crypto shouldn’t be partisan,” Leverton told Fox News Digital. “Bitcoin was really built by the people, for the people — to give access to the financial system to the billions of unbanked across the world, including here in the U.S.”
“I’ve always been confused by Democrats not embracing something that was really built for the unbanked. It has such a beautiful origin story that seems to be values-aligned on both sides of the aisle,” the CEO added.
ReserveOne’s structure could be a critical piece of bringing traditional investors into the crypto ecosystem by allowing a more diverse, market-based approach to getting into the crypto market by bypassing what some investors see as obstacles to entering the digital asset market.
CHINA’S CURRENCY COUP: HOW BEIJING IS TARGETING AMERICA’S WALLET AND FUTURE
“We’re in the process of going public via de-SPAC,” Leverton explained. “Currently trading as the SPAC ticker EMBAV. We announced a few weeks ago that we’d confidentially filed our S-4. So really looking forward to ultimately getting the deal closed, and then we’ll trade under the ticker RONE.”
“ReserveOne is a digital asset treasury company but built unlike anything else we’ve seen in the market,” Leverton continued. “We’re the only scaled, diversified treasury company — anticipated to be 80% Bitcoin and then 20% in alternative tokens.”
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
The landmark Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, was signed into law by Trump in July and established a regulatory framework for Stablecoins, demonstrating that the GOP-led Congress and the administration are serious about advancing their pro-crypto agenda.
Should the CLARITY Act be signed into law before the end of the year, as Scott noted, it would be a major step forward for the crypto industry as a whole, as well as the administration’s regulatory priorities.
