The domestic cryptocurrency industry should continue to play a significant role in American politics, according to Vice President JD Vance, who has emphasized President Donald Trump’s administration’s close ties to a deeply rooted industry.
Vance urged cryptocurrency executives and enthusiasts to keep pushing the US Congress to pass pro-crypto legislation supported by the White House during a speech at a Bitcoin conference on Wednesday in Las Vegas, Nevada.
In his address, Vance stated that “we have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens.” We run the $ 3 trillion industry offshore in search of a friendly jurisdiction, however, if we don’t clarify regulations right away.
In the middle of the campaign, Vance delivered the speech after Trump pledged to make the United States the “crypto capital of the planet” at the same Bitcoin conference in Nashville, Tennessee last year. Former President Joe Biden’s administration had an unfair effect on the crypto industry, which heavily supported Trump and pro-cryptocurrency lawmakers in the election.
Vance praised Cameron and Tyler Winklevoss, the billionaire founders of the crypto exchange Gemini, for influencing US politics in particular during the election of last year.
Vance addressed the crowd at the Venetian Hotel, “You chose to speak up, and you chose to get involved, and I think that was the result of it.”
Vance praised cryptocurrencies as a means of protecting conservative populists from bad politicians, overly aggressive regulators, and unethical elites. He predicted that digital currencies would continue to be accepted as financial instruments, and he argued that the US should take the lead in the sector, noting that the Chinese government is hostile to crypto.
Trump, the president, granted Ross Ulbricht, the owner of Silk Road, a black market website that was crucial to Bitcoin’s initial growth, a Bitcoin reserve and granted him a pardon.
Trump’s administration has also outspoken crypto supporters, which have stopped or undone numerous enforcement actions taken against large cryptocurrency companies.
At the Bitcoin conference, Don Jr. and Eric, Trump’s sons, are among the speakers.
Inter-relationships are at stake
Democrats and even crypto enthusiasts have criticized the president and his family for using cryptocurrencies as a platform to earn money.
World Liberty Financial, which recently launched its own stablecoin, a rapidly expanding type of cryptocurrency whose value is frequently tied to the US dollar, has about a 60% stake in the Trump family. Vance claimed the Trump administration wants the bill to be passed into law quickly because the US Senate advanced legislation this month that would establish a federal framework for stablecoin regulation.
Trump’s media empire announced on Tuesday that it would raise $ 2.5 billion to purchase Bitcoin, the oldest and most well-known cryptocurrency in the world.
Source: Aljazeera
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