After Trump launched his own coin and held dinner for investors, praise continues with conflict of interest concerns.
US Vice President JD Vance has urged the domestic cryptocurrency industry to continue to engage in American politics, highlighting the close ties of President Donald Trump’s administration with the deep self-paid industry.
At a Bitcoin conference held in Las Vegas, Nevada on Wednesday, Vance urged cryptocurrency executives and enthusiasts to put pressure on the US Congress to pass White House-backed pro-crypto laws
“We have a generation of opportunities to unleash innovation and use it to improve the lives of countless American citizens,” Vance said in his speech. “But now, if we can’t generate regulatory clarity, we risk chasing this $3 trillion industry for friendly jurisdiction.”
Vance gave a speech after Trump promised to make the United States the “crypto capital of the globe” when he attended the same Bitcoin conference in Nashville, Tennessee in the middle of the presidential election last year. Feeling unfairly attacked by former President Joe Biden’s administration, the crypto industry spent heavily on helping Trump and Crypto currency lawmakers win the election.
Vance praised the crypto industry for organising and influencing American politics during last year’s elections, giving special achievements to Cameron and Tyler Winclevos, founders of Crypto Exchange Gemini billionaires.
“You chose to speak up, and you chose to get involved, and I believe you changed the direct trajectory of our country for it,” Vance told the crowd gathered at the Venetian Hotel.
Vance welcomed cryptocurrency as a hedge that could help conservative populists protect themselves from what he called bad politicians, overly aggressive regulators and unethical elites. He said it was strategically important for the US to continue the continued assimilation of digital currencies into the financial mainstream and become a global leader in the industry, and noted that the Chinese government is hostile to crypto.
As president, Trump established Bitcoin Reserve for the federal government and forgives Ross Ulbricht, the founder of the Silk Road, a black market website that is key to Bitcoin’s early growth.
Trump also has a surprising crypto advocate in his administration, which has revoked or suspended several enforcement actions taken against large cryptocurrency companies.
Other Trump officials, like his sons Don Jr. and Eric, are speakers at the Bitcoin Conference.
Conflict of interest
The use of cryptocurrency as a platform for making money by the president and his family has also attracted criticism from Democrats and crypto enthusiasts as corrupt and unsightly.
The Trump family holds approximately 60% stake in a crypto project called World Liberty Financial. It recently launched its own Stablecoin, a fast and growing cryptocurrency. This month, the US Senate advanced legislation that created a federal framework to regulate stubcoins.
Trump’s media company announced Tuesday that it has raised $2.5 billion to buy Bitcoin, the world’s oldest and most popular cryptocurrency.
President and first lady Melania Trump have also launched their own meme coins. Last week, Donald Trump rewarded investors with his coins. Approximately 220 of $Trump’s biggest investors have been invited to Trump’s luxury golf clubs in northern Virginia.
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