Trump Seeks Rate Cuts, Pushes for Clarity on US Cryptocurrency Regulations

US President Donald Trump has called for interest rate cuts, citing Korea's economic success as a reason to lower rates. Speaking at an event in the White House, Trump said that when good economic numbers are released, interest rates should be lowered instead of raised.

The Federal Reserve (Fed) has kept interest rates high out of concern over inflationary pressures. Trump has been pushing for rate cuts and believes the Fed is keeping rates excessively high.

At the same event, Trump urged Congress to pass the CLARITY Act, which aims to establish a regulatory framework for the US cryptocurrency market. The bill classifies cryptocurrencies as 'securities' and 'commodities', dividing regulatory jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

However, passage of the bill is not guaranteed, with some Democratic lawmakers and Republicans opposing it unless provisions are included to ban politicians from profiting through cryptocurrency businesses. Trump's family has earned an estimated $1.4 billion in revenue through cryptocurrency corporations.