Does bitcoin combat bad policy and inflation? What to know about the Trump-Vance stance.
Vice President JD Vance told 35,000 attendees of the Bitcoin 2025 Conference the Trump administration would support them building the industry of digital assets, which he said would protect against bad policies and inflation.
Vance said May 28 in Las Vegas the independence of bitcoin opens the financial door for people who lose access to banking because of political beliefs such as supporting gun rights. He vowed the Trump administration wouldn't try to kill the industry through regulation, as he alleged the Biden administration had.
'Crypto is a hedge against bad policymaking from Washington, no matter what party is in control,' Vance said. 'It's a hedge against skyrocketing inflation, which has eroded the real savings rate of Americans over the last four years. As you all know well, it's a hedge against the private sector that is increasingly willing to discriminate against consumers on the basis of their basic beliefs, including their politics.'
More: White House summit showcases Trump's favorable treatment of crypto industry
Vance's speech came days after President Donald Trump's social media business announced it would raise $2.5 billion to invest in cryptocurrency. His adult sons Donald Trump Jr. and Eric Trump are also pursuing investments.
The vice president's speech also came a year after Trump spoke at the same conference, when he pledged to create a national cryptocurrency stockpile if elected back to the White House. He signed an executive order March 6 to create a stockpile.
Here's what you need to know about the Trump administration's promotion of and participation in cryptocurrency:
Vance credited support from advocates among the 50 million Americans who own bitcoin with helping Trump win the 2024 election. But Vance urged the supporters not to become complacent and to continue to remain involved in politics for the 2026 election and beyond.
'Unless you guys get involved in politics, politics is going to ignore this industry,' Vance said. 'Every victory that we win – it's only a provisional victory.'
More: Trump is establishing a U.S. crypto reserve. What is bitcoin again?
One of Vance's biggest applause lines was when he said administration had fired Gary Gensler, the former chair of the Securities and Exchange Commission.
'Keep the pressure up," Vance said. "We'll do great things together for our industry but most importantly for the cause of personal freedom and the United States of America."
Trump Media and Technology Group, which operates the Truth Social platform, announced May 27 it will raise $2.5 billion to invest in bitcoin to diversify its revenue streams.
The company aims to sell $1.5 billion in stock and $1 billion in convertible notes priced at a 35% premium.
More: How much money did Trump make in first 100 days? Crypto deals raise questions
Bitcoin will be held on Trump Media's balance sheet along with cash and short-term investments totaling $759 million as of the end of the first quarter. Crypto platforms Anchorage Digital and Crypto.com will provide custody for the bitcoin holdings.
Trump Media CEO Devin Nunes, a former California Republican congressman, called the move a "big step forward" in the company's plan to acquire "crown jewel assets consistent with America First principles."
Trump and his family are exploring several crypto options, including Trump NFTs, a meme coin, a recently formed bitcoin producer called American Bitcoin and World Financial Liberty, a platform that offers a stablecoin pegged to the U.S. dollar.
Sen. Elizabeth Warren of Massachusetts and four other Democrats questioned financial regulators in April – Federal Reserve vice chair Michelle Bowman and acting comptroller of the currency, Rodney Hood – about how they would oversee 'an extraordinary conflict of interest' in World Liberty Financial controlled by a sitting president and his family.
Trump dined May 22 with 220 investors who bought a combined $148 million worth of $TRUMP meme coin, a type of cryptocurrency. The top 25 investors got a private VIP reception and the top four received limited edition Trump Tourbillon watches that sell for $100,000.
Critics say the dinner provided a way for the wealthy to influence the president by funneling money to his business. An affiliate of The Trump Organization and the company Fight Fight Fight LLC own 80% of the meme coins, according to the cryptocurrency's website.
More: Trump's crypto dinner: Black ties, a Chinese billionaire and ethics questions
Sen. Jeff Merkley, D-Oregon, called the dinner "a stunning public display of corruption: The White House and President Trump are selling access to the government for personal profit."
Eric Trump and Donald Trump Jr. were also scheduled to speak at the Bitcoin 2025 Conference.
The sons announced May 12 their mining company American Bitcoin would be listed on the Nasdaq exchange through an all-stock merger with Gryphon Digital Mining.
"Our vision for American Bitcoin is to create the most investable Bitcoin accumulation platform in the market," Eric Trump said in a statement.
Contributing: Reuters
This article originally appeared on USA TODAY: Why Vance, Trump support bitcoin as hedge against bad policy
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