Closing Bell Closing Bell: 7/18/25
Jul 18, 2025
Former President Donald Trump discusses the Genius Act, a pivotal initiative aimed at modernizing America's financial landscape and boosting the cryptocurrency sector. Jeremy Siegel, Wharton School finance professor, shares his insights on stock market trends and the Federal Reserve's challenges amidst changing political climates. They dive into the volatility of Bitcoin compared to traditional currencies, the importance of legislative support for digital assets, and the cautious optimism shaping the future economic outlook.
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Trump Praises Crypto Pioneers
- Donald Trump shared a story praising crypto leaders and industry pioneers during the signing of the Genius Act.
- He emphasized how the crypto community was once mocked but has now gained massive validation through this legislation.
Bitcoin vs. Dollar Reserve Role
- Bitcoin poses a potential threat to the dollar as the world's reserve currency by offering an alternate store of value.
- The Genius Act supports the dollar's prominence while enabling faster, cheaper financial transactions with stablecoins.
Fed Independence Under Threat
- Fed Chair Powell's independence may be compromised amid political pressures and potential firing by President Trump.
- The Federal Reserve's structure, dependent on Congress, allows for power shifts that threaten its apolitical stance.