JD Vance tells Bitcoin Conference ‘crypto has a champion’ in Trump

At the event, which describes itself as the “world’s largest gathering of bitcoiners,” Vance highlighted the current administration’s backing of cryptocurrency and the digital asset industry. He praised cryptocurrency as a “genuine, ground-up innovation” that has benefited the American people, highlighting how decentralized finance has changed the way Americans interact economically.

“Through decentralized finance, crypto has transformed how Americans transact with one another. It’s expanded access to banking for many who may not otherwise have had it,” Vance said.

The vice president framed cryptocurrency as a safeguard against both federal overreach, calling it a hedge against bad policy. He cited the Canadian government’s efforts to debank COVID-19 trucker protesters in 2022 as an example of why digital assets offer a needed alternative. Vance also argued that it can protect consumers against a “private sector that’s increasingly willing to discriminate against consumers on the basis of their basic beliefs, including their politics.”

“In our administration, we understand the full potential of the digital assets industry. Not just as an investment, not just as a flashy technology, but as a symbol and driver of personal liberty for all our citizens, and we are dedicated to seeing that promise fulfilled,” Vance said.

He assured attendees that the administration is actively listening to the cryptocurrency community. “We’re listening to all of you as you blaze the trails of innovation,” he said, adding that they deserve “respect” rather than interference from federal bureaucrats.

In regard to policy initiatives by the Trump administration, Vance said that the federal government has been working to undo “red tape” against the industry put in place by the Joe Biden White House. He declared that “Operation Chokepoint 2.0 is dead” under Trump’s leadership, referring to claims that regulators under the previous administration tried to debank the crypto sector.

He also said the administration, along with some supporters in Congress, is working to establish a “clear, pro-growth legal framework for stablecoins,” arguing that burdensome regulation had forced much of the industry overseas. Vance said the administration’s goal is to foster a safe and thriving environment for digital payments in the US.

“America is a place where anyone should be able to make a fortune no matter where you grew up, what degree you may or may not have, and in recent years I’m hard pressed to think of a better place to do so than right here in the digital assets industry,” Vance added.

President Trump, who once called bitcoin a “scam,” has since embraced digital currency. During his last presidential campaign, he reached out to crypto supporters and addressed the Bitcoin Conference in Nashville, promising to make the US “the crypto capital of the planet and bitcoin superpower of the world.”

In March, after returning to office, Trump signed an executive order establishing a bitcoin reserve. White House crypto czar David Sacks explained at the time that the reserve "will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime."