Praise follows conflict of interest concerns after Trump launches his own coin and hosts a dinner for his investors.
United States Vice President JD Vance has urged the domestic cryptocurrency industry to remain involved in US politics, highlighting the close ties of President Donald Trump’s administration to a deep-pocketed industry.
Speaking at a Bitcoin conference in Las Vegas, Nevada, on Wednesday, Vance urged cryptocurrency executives and enthusiasts to keep pressure on the US Congress to pass pro-crypto legislation supported by the White House
“We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens,” Vance said in his address. “But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction.”
Vance made the speech after Trump promised to make the US the “crypto capital of the planet” when he addressed the same Bitcoin conference in Nashville, Tennessee, last year in the middle of the presidential campaign. The crypto industry, which felt unfairly attacked by former President Joe Biden’s administration, spent heavily to help Trump and pro-cryptocurrency lawmakers win election.
Vance praised how quickly the crypto industry was able to organise and influence US politics during last year’s elections, giving special credit to Cameron and Tyler Winklevoss, the billionaire founders of the crypto exchange Gemini.
“You chose to speak up, and you chose to get involved, and I believe you changed the direct trajectory of our country because of it,” Vance told the crowd gathered at the Venetian Hotel.
Vance hailed cryptocurrencies as a hedge that can help conservative populists protect themselves against what he called bad politicians, overly aggressive regulators and unethical elites. He predicted continued assimilation of the digital currencies into the financial mainstream and said it was strategically important for the US to be a world leader in the industry, noting that the Chinese government is hostile to crypto.
As president, Trump has established a Bitcoin reserve for the federal government and pardoned Ross Ulbricht, the founder of Silk Road, a black market website that was key to the early growth of Bitcoin.
Trump has also put outspoken crypto backers in his administration, which has undone or paused several enforcement actions taken against large cryptocurrency companies
Several other Trump officials are speakers at the Bitcoin conference, as are his sons Don Jr and Eric.
Conflict of interest
The president and his family’s use of cryptocurrencies as a platform to make money has drawn criticism from Democrats and even crypto enthusiasts as corrupt and unseemly.
The Trump family holds about a 60 percent stake in a crypto project called World Liberty Financial, which recently launched its own stablecoin, a fast-growing form of cryptocurrency whose value is often tied to the US dollar. This month, the US Senate advanced legislation that would create a federal framework to regulate stablecoins, a bill that Vance said the Trump administration wants passed into law quickly.
Trump’s media company announced on Tuesday that it was raising $2.5bn to buy Bitcoin, the world’s oldest and most popular cryptocurrency.
The president and first lady Melania Trump have also launched their own meme coins. Last week, Donald Trump rewarded investors in his coin. About 220 of the biggest investors in the $TRUMP were invited to Trump’s luxury golf club in northern Virginia.