Trump's former Commerce Secretary Wilbur Ross remains optimistic on crypto future despite market slide
Wilbur Ross says regulatory environment has converted him from skeptic to long-term booster
Former Commerce Secretary Wilbur Ross says crypto is here to stay: 'No longer just a fringe thing'
Former Secretary of Commerce Wilbur Ross and ReserveOne CEO Jaime Leverton discussed with Fox News Digital the importance of crypto as an asset class amid heightened Bitcoin volatility.
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 during Trump’s first administration, told Fox News Digital why he is bullish on crypto markets and 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."
Former Commerce Secretary Wilbur Ross tells Fox News Digital he’s bullish on crypto’s future — calling it "no longer just a fringe thing" — even as the market loses $1 trillion and lawmakers debate the stalled CLARITY Act. (Photo illustration by Dan Kitwood / Getty Images)
"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-S.C., has been an outspoken advocate in favor of projecting the U.S. to dominate the crypto space.
"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.
Senate Banking Committee Chairman Tim Scott has been an outspoken advocate of the crypto industry. (Al Drago/Bloomberg via Getty Images / Getty Images)
"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.
"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.
President Donald Trump has said he wants to make America the "crypto capital of the world." (Photo illustration / Getty Images)
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.
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"We’re in the process of going public via de-SPAC," Leverton explained. "Currently trading as the SPAC ticker MBAV. 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."
Bitcoin slid below $90,000 this week. ( / iStock)
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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, 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.