Donald Trump at Davos – DJT promises to make US the world capital of AI and crypto

President Donald Trump has doubled down on his commitment to make the United States as the global leader in both artificial intelligence (AI) and crypto. Speaking before world leaders at the World Economic Forum in Davos, Trump also vowed to restore the country to its previous stature as a manufacturing superpower.

The US President’s remarks came as part of his broader agenda to reshape America’s technological and economic landscape. 

Since 2024, before the November elections, Trump has been supportive of digital currencies, but he has only recently fully embraced AI. 

LIVE: US President Donald Trump addresses Davos https://t.co/emafYwEqwo

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On Tuesday, January 21, as reported by CNN, Trump announced the creation of Stargate. This is $500 billion initiative aimed at positioning the US as a global leader in AI development. 

Stargate will reportedly combine the efforts of several companies to see the growth through, including OpenAI, Oracle, and Japanese-based entity SoftBank.

Trump reverses Biden administration’s stringent AI regulations and

One of POTUS Trump’s first executive decisions was to repeal the Biden administration’s tough regulatory hurdles on the growth of AI. In October 2023, President Joe Biden signed an executive order aimed at tightening regulations surrounding AI development. 

This resonates with his approach to national security and public health concerns. 

However, after his Inauguration ceremony on January 20, President Trump issued an executive action repealing Biden’s restrictions. Trump stated that projects like Stargate and other US-based AI initiatives would no longer be subject to national development guidelines. 

Steve DelBlanco, CEO of NetChoice, a lobbying group focused on free enterprise on the internet, lauded the executive order. He said that Trump showed “America is ready to lead in tech and innovation again.”

“The president is steering America to remain dominant in creating the best technology in the world,” DelBlanco remarked.

Trump to spearhead US as global crypto capital

For the better part of 2024, Trump consistently advocated for the nation to adopt clear and supportive regulations for the growing crypto market. This stance has been well-received by industry stakeholders. 

On Inauguration day, he appointed Mark Uyeda and Caroline Pham as interim chairs to the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) respectively. 

The two leaders are known supporters of digital currencies. Many in the industry hope they will help establish clear guidelines for crypto operations in the coming weeks.

Cody Carbone, president of the Digital Chamber, a group advocating for the crypto sector, said the appointments could quickly address the industry’s key concerns. “A lot of what the industry actually wants can be solved immediately with personnel changes,” Carbone said.

The US President was committed to replacing Gensler with a new SEC chair who is more favorable to innovation in AI and crypto. “America should build the future, not block the future,” he emphasized.

Trump nominated Paul Atkins, a lawyer with strong ties to the crypto industry, to replace Gensler. However, Atkins’ confirmation by the Senate is still pending. 

Should Atkins get the Senate’s approval, he is expected to reverse some of the SEC’s more aggressive actions against crypto companies. This is to include lawsuits filed against firms like Coinbase and Kraken.

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