WASHINGTON: Cryptocurrencies have “a champion and an ally” in US President Donald Trump, Vice President JD Vance said Wednesday, adding that the administration would end a “weaponization” of regulations against the community.
Speaking at a bitcoin conference in Las Vegas, Vance also said the Trump administration sought to create a “pro-growth legal framework for stablecoins in this country.”
This refers to tokens pegged to stable assets such as the US dollar to prevent drastic fluctuations.
Vance's comments came a day after Trump's media company said it would raise around $2.5 billion with an eye to creating a “bitcoin treasury.”
Trump Media & Technology Group, which operates the Truth Social site, said in a statement Tuesday that cryptocurrency will be a key part of its assets.
Trump last week also hosted a dinner for hundreds of top investors in his crypto memecoin, while sign-holding protesters outside the event and Democratic opponents blasted the event as blatant corruption.
The unprecedented melding of US presidential power and personal business took place at Trump's golf club outside Washington.
Vance told the bitcoin conference, at which he was keynote speaker, that “we reject regulators,“ taking aim at former Securities and Exchange Commission chairman Gary Gensler, who pursued aggressive enforcement against the crypto industry.
Gensler launched lawsuits against major trading platforms including Coinbase, Binance, and Kraken, along with various smaller startups.
Vance expressed an aim of enacting a regulatory framework for digital assets that is “pro-innovation and fully incorporates crypto“ into the economy.
“We want our fellow Americans to know that crypto and digital assets, and particularly Bitcoin, are part of the mainstream economy and are here to stay,“ he said.
Trump's adult sons, Donald Jr. and Eric, were also due to speak at the event in Las Vegas.
The president's newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his sons.
Their growing portfolio includes investments in Binance, a major crypto exchange whose founder is seeking a presidential pardon to re-enter the US market.
Lawmakers recently advanced a landmark bill known as the GENIUS Act that proposes a regulatory framework for stablecoins, with the legislation clearing a procedural vote.
