Vice President JD Vance praised the cryptocurrency industry Wednesday and urged it to remain active in U.S. politics and policymaking, highlighting the Trump administration's close ties to a deep-pocketed industry that's become a powerful force in Washington.
Speaking at a bitcoin conference in Las Vegas, Vance urged the crypto executives and enthusiasts to keep pressure on Congress to pass pro-crypto legislation supported by the White House.
''We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens,'' Vance said in his address. ''But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction.''
Vance's speech comes after Trump promised to make the U.S. the ''crypto capital of the planet'' when he addressed the same bitcoin conference in Nashville last year in the middle of the presidential campaign. The crypto industry, which felt unfairly attacked by the Biden administration, spent heavily to help Trump and pro-crypto lawmakers win election.
Vance praised how quickly the crypto industry was able to organize and influence U.S. politics during last year's election, giving special credit to Cameron and Tyler Winklevoss, the billionaire founders of the crypto exchange Gemini.
''You chose to speak up and you chose to get involved and I believe you changed the direct trajectory of our country because of it,'' Vance told the crowd gathered at the Venetian Hotel.
Vance hailed crypto as a hedge that can help conservative populists protect themselves against bad politicians, overly aggressive regulators and unethical elites. He predicted its continued assimilation into the financial mainstream and said it was strategically important for the U.S. to be a world leader in the industry, noting that the Chinese government is hostile to crypto.
Vance also touted the Trump administration's record at fulfilling the campaign promises made last year.
