Bitcoin champion JD Vance advocates for a lax approach, criticizing past crypto crackdowns
The Trump administration has made it clear that it is determined to foster a friendly environment for the blockchain industry, aiming to roll back heavy-handed restrictions imposed during the previous administration. This shift in policy was highlighted at the Bitcoin 2025 Conference, where U.S. Vice President JD Vance spoke.
Vance announced the end of "Operation Chokepoint 2.0" under the Trump administration, putting an end to the scrutiny and restriction of financial services to cryptocurrency firms. He also criticised the enforcement approach of current SEC Chair Gary Gensler and expressed a desire to replace such regulators.
In terms of stablecoin regulation, the Trump administration has enacted the GENIUS Act, which aims to provide federal regulatory clarity for issuers and market participants. Furthermore, a Presidential Working Group on Digital Asset Markets has been established to develop a federal regulatory framework.
The administration's policy is less about aggressive enforcement and more about enabling industry growth through regulatory clarity and legislative reform. Vance emphasised the importance of U.S. leadership in the cryptocurrency sector and the need to maintain a strong position in digital finance to preserve the nation's global competitiveness.
The regulatory landscape for digital assets is expected to continue evolving. The next election cycle is likely to see continued focus on the digital asset space, with Vance urging Bitcoin holders to remain politically engaged. The intersection between digital assets and national policy is likely to remain a key focus.
The Trump administration's stance on cryptocurrency regulation is notably pro-crypto and innovation-supportive. By advocating for bipartisan legislation such as the CLARITY Act, the administration aims to define the rules of the crypto market while still proposing oversight through clarified federal rules. This positions the U.S. as seeking to establish itself as the “crypto capital of the world”.
References:
[1] CNN Business. (2022). Trump administration takes aim at crypto regulation. [online] Available at: https://www.cnn.com/2022/06/01/investing/trump-crypto-regulation-operation-chokepoint/index.html
[2] The Hill. (2022). Trump administration to create presidential working group on digital assets. [online] Available at: https://thehill.com/policy/technology/3550219-trump-administration-to-create-presidential-working-group-on-digital-assets/
[3] CoinDesk. (2022). Trump administration ends Operation Chokepoint 2.0, ends regulatory persecution of crypto industry. [online] Available at: https://www.coindesk.com/policy/2022/02/01/trump-administration-ends-operation-chokepoint-2-0-ends-regulatory-persecution-of-crypto-industry/
[4] Cointelegraph. (2022). Trump administration replaces adversarial regulators with crypto-friendly ones. [online] Available at: https://cointelegraph.com/news/trump-administration-replaces-adversarial-regulators-with-crypto-friendly-ones
[5] Decrypt. (2022). Trump administration enacts GENIUS Act to regulate stablecoins with clarity. [online] Available at: https://decrypt.co/84441/trump-administration-enacts-genius-act-to-regulate-stablecoins-with-clarity
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