Key points
- Trump said helping the cryptocurrency industry was “good for the dollar and it’s good for the country.”
- The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying.
- “For years you were mocked and dismissed and counted out,” Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers.
The proposal would introduce a fee of $70,000 for an international student's initial year of OPT participation and $30,000 for each subsequent year, potentially creating a significant financial burden for universities employing international graduates.
The American Council on Education (ACE), alongside 36 other higher education organisations, submitted comments to the Department of Homeland Security on November 9, calling for the proposed rule to be withdrawn.
The organisations argue that the proposed charges go far beyond the administrative costs associated with processing OPT applications. They also warn that the financial requirements could make it increasingly difficult for universities and employers to provide international graduates with practical work experience in their chosen fields.
OPT is an important programme for international students studying in the United States on F-1 visas. It allows eligible graduates to gain professional experience related to their academic qualifications, helping them transition from university education into the workforce.
Universities argue that the programme contributes to the American economy by attracting international talent, supporting innovation and providing businesses with access to skilled graduates.
The proposed fee structure has raised concerns about the United States' competitiveness as a destination for international education. Higher education organisations warn that additional financial barriers could encourage prospective students to consider universities in other countries.
The organisations have also questioned how the proposed fees would be used, noting that the money would be directed to the U.S. Treasury rather than specifically supporting OPT application processing, fraud investigations or programme administration.
The debate highlights the broader challenge facing American policymakers as they attempt to balance immigration enforcement, workforce requirements and the country's international education sector.
For universities, international students and American employers, the final decision could have significant implications for recruitment, graduate employment and the future of international education in the United States.
