President Trump on Wednesday hosted a summit of the top crypto CEOs in the Roosevelt Room of the White House.
Some of the CEOs and executives in attendance included: Chairman of the New York Stock Exchange, Jeffrey Sprecher, Coinbase’s Brian Armstrong, Ripple’s Brad Garlinghouse, Robinhood’s Vlad Tenev, and the Winklevoss twins.
During the summit, the president urged Congress to pass the Clarity Act – a bill that creates a regulatory framework for cryptocurrency.
The Clarity Act stalled in the Senate ahead of the August recess. The next procedural vote is expected to take place next month.
The President answered questions from reporters after the meeting with the financial executives, and that’s when he went off on the Federal Reserve Governors for keeping interest rates high.
Last month, the Federal Reserve voted to leave rates unchanged.
The Federal Open Market Committee (FOMC) voted 9-3 to keep rates at the range of 3.5% to 3.75%.
On Wednesday, President Trump pointed out that Switzerland has the lowest interest rates and used that as an example to criticize the Federal Reserve’s decision to keep the benchmark rate high.
“You know, in the old days, we used to pay the lowest interest rate, no matter how we were doing, because we sort of generate for the whole world!”
“And I want to see it where the interest rate, and I have to tell you, we have a wonderful chairman. I think he’s doing a great job. The problem is he has a board, and it’s a political board.”
“Every point of interest is $600 billion!” Trump said.
“We keep driving it up. It’s a very unfair system!” Trump said.