Praise is a conflict of interest concern after Trump initiated his own coins and held dinner for investors.
U.S. Vice President JD Vance urged the domestic cryptocurrency industry to continue to participate in American politics, highlighting President Donald Trump's close ties in freight.
Vance spoke at a Bitcoin conference in Las Vegas, Nevada on Wednesday, urging cryptocurrency executives and enthusiasts to pressure the U.S. Congress through White House-backed pro-Claytop legislation
“We have an opportunity to unleash innovation and use it to improve the lives of countless American citizens,” Vance said in his speech. “But if we can’t create clarity of regulations right now, we risk taking this $3 trillion industry offshore to pursue friendly jurisdictions.”
Vance spoke after Trump promised to make the United States “the crypto capital of the planet,” when he was in the middle of the presidential campaign last year at the same Bitcoin conference in Nashville, Tennessee. The cryptocurrency industry feels unfairly attacked by former President Joe Biden’s administration, who has spent a lot of money to help Trump and pro-Trump legislators win elections.
Vance praised the cryptocurrency industry for its speed at which it was able to organize and influence U.S. politics during last year’s elections, and particularly praised the billionaire founders of the crypto exchange Cameron and Taylor Winkelworth.
Vance told the crowds gathered at the Venice Hotel, you chose to speak loudly and then choose to participate, and I believe you changed the direct trajectory of our country. ”
Vance praised cryptocurrency as a hedge that could help conservative populists protect themselves from what he calls bad politicians, overly active regulators and immoral elites. He predicted that digital currencies continue to be absorbed into the financial mainstream and said it is strategically important for the United States to become the world leader in the industry, noting that the Chinese government is hostile to cryptocurrencies.
As president, Trump established Bitcoin reserves for the federal government and pardoned Ross Ulbricht, founder of the Silk Road, a black market website that was key to Bitcoin’s early growth.
Trump also puts outspoken crypto supporters in his administration, which has withdrawn or suspended several enforcement actions against large cryptocurrency companies
Several other Trump officials were speakers at the Bitcoin conference, as did his sons Don Jr and Eric.
The president and his family use cryptocurrency as a platform for making money has attracted criticism from Democrats and even crypto-family enthusiasts as corruption and indispensable.
The Trump family owns about 60% of the crypto project called World Liberty Financial, which recently launched its own Stablecoin, a fast-growing form of cryptocurrency whose value is often closely related to the dollar. This month, senior U.S. Senate legislation will establish a federal framework to regulate stable bills.
Trump's media company announced Tuesday that it is raising $2.5 billion to buy Bitcoin, the world's oldest and most popular cryptocurrency.
The president and first lady Melania Trump also launched his own meme coins. Last week, Donald Trump rewarded investors with coins. About 220 of Trump's $220 largest investors were invited to Trump's luxury golf club in Northern Virginia.