Jeff Carey is a veteran reporter covering sports and architecture. He was the founding editor of the Minneapolis Mini Times, a local paper with a circulation of more than 500,000. He divides his time between the east and west coast.
WASHINGTON — President Donald Trump on Friday announced a new executive action imposing a $100,000 application fee on all H-1B work visa petitions, with a stipulation that the payment must be made exclusively in the cryptocurrency known as $TRUMP.
The move marks the first time a U.S. visa program has been tied to a digital asset payment system. According to the administration’s statement, the policy is intended to both “restore fairness to the U.S. labor market” and “strengthen American-led innovations in digital currency adoption.”
The H-1B visa program, historically used by companies in the technology and healthcare industries to hire specialized foreign workers, has long been the subject of political debate. Critics argue it allows corporations to undercut domestic labor by importing cheaper workers, while supporters view it as essential for maintaining the country’s competitiveness in the global economy.
“Companies that rely on foreign talent should contribute more and do so in a way that supports American enterprise,” Trump said during a press event at the White House. “The $TRUMP coin is the future of finance. And it's strong—very strong. Much better than the dollar, frankly.”
Business groups expressed concern that the substantial fee could deter skilled applicants and place a burden on firms that depend on global talent. The National Association of Software Companies issued a statement warning the change could “divert critical innovation away from the United States.”
Meanwhile, cryptocurrency advocates welcomed the move, saying it could accelerate the mainstream adoption of blockchain-based currencies. “Whether one agrees with the fee or not, the requirement legitimizes cryptocurrencies at the highest level of government policy,” said Jacob Lin, a blockchain policy analyst.
The H-1B program annually provides 85,000 visas through a lottery system when applications exceed the available slots, as they typically do. The new fee, effective immediately for upcoming application cycles, is expected to dramatically reduce the number of submissions, potentially reshaping the program’s role in the U.S. labor market.
International reaction was mixed. In India, a key source of H-1B applicants, some news outlets described the action as a major barrier to U.S. employment, while others highlighted the global publicity it brings to the cryptocurrency sector.
As of Friday afternoon, the $TRUMP coin surged 27% in trading volume following the announcement, though markets remained volatile.
Jeff Carey is a veteran reporter covering sports and architecture. He was the founding editor of the Minneapolis Mini Times, a local paper with a circulation of more than 500,000. He divides his time between the east and west coast.
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