May 28 (UPI) — President Donald Trump is a strong ally for the growing cryptocurrency industry, Vice President JD Vance told attendees at the Bitcoin 2025 Conference in Las Vegas on Wednesday.
“Crypto finally has a champion and an ally in the White House,” Vance said while delivering the event’s keynote address, CBS News reported.
“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.
Vance was this year’s featured speaker at the annual bitcoin conference, which President Donald Trump headlined last year while campaigning for the presidency.
Stablecoins stabilize the dollar
He said the Trump administration does not view so-called stablecoins as destabilizing the U.S. dollar and instead strengthens it, CNBC reported.
“We view them as a force multiplier for our economic might,” Vance told the audience at The Venetian Resort.
A stablecoin is a type of cryptocurrency whose value is derived from another asset, such as gold or the U.S. dollar, according to coinbase.
Vance said cryptocurrency has transformed how people and businesses conduct transactions, and its decentralized nature makes it a good way to protect personal and business finances against bad policies.
“Crypto is a hedge against bad policymaking from Washington, no matter what party’s in control,” he said.
Political advocacy for crypto progress
Vance encouraged those who are involved in cryptocurrency to increase their political advocacy.
He said $200 million in campaign support for candidates who supported cryptocurrency had a positive effect during the 2024 general election, The Hill reported.
Such financial support enabled Sen. Bernie Moreno, R-Ohio, to beat Democratic Party incumbent Sherrod Brown in the 2024 Senate election in Ohio.
“Part of the reason that I’m standing here, part of the reason that Bernie Moreno defeated Sherrod Brown in the Senate campaign last year, is because you guys got organized and got involved in American politics,” Vance said.
Brown chaired the Senate Banking Committee, but his election defeat removed him as an obstacle to crypto-friendly legislation.
“There’s a lesson to take from that experience,” Vance said. “Unless you guys get involved in politics, politics is going to ignore this industry.”
Strong support for the GENIUS Act
The Trump administration is advocating for the GENIUS Act, which officially is called the Guiding and Establishing National Innovation in U.S. Stablecoins Act.
Vance said the proposed act’s enabling legislation is poised to be approved in the Senate and likely would fare well in the House of Representatives.
President Trump’s lead crypto adviser, David Sacks, last week told CNBC that U.S. investors have more than $200 billion in unregulated stablecoins.
Sacks said that amount could reach trillions of dollars “if we provide the legal clarity and legal framework for this.”
