JD Vance gave a speech at a Bitcoin Conference in Las Vegas Wednesday, June 4. This conference was a major event for the crypto industry due to its large attendance and lineup of speakers. 

Trump allies and supporters have embraced Bitcoin in recent years, and the Trump administration has leaned into cryptocurrency as well, hoping to position the United States as a global leader in the field. JD Vance has always backed crypto, having owned between $250,000 and $500,000 worth of Bitcoin according to a financial disclosure from August of 2024. In his speech he said he wants Americans to know that Bitcoin and crypto are a part of the mainstream economy in the United States and will continue to be so. 

“In this administration, we do not think that stablecoins threatened the integrity of the United States dollar, quite the opposite,” said Vance. “In fact, we view them as a force multiplier of our economic might,” At the conference he urged Congress to pass the GENIUS Act, which would make a framework for stablecoins, crypto that is tied to and backed with an asset, often the US dollar or a commodity such as gold. The bill was introduced as a method to protect consumers and allow crypto coins to be used mainstream for digital payments, but failed to recognize the way it endangers customers and the economy with weak rules. The bill has been mostly Republican-backed but has ultimately gained the support of some Democrats.

Supporters of the act applaud it as the first of its kind and claim that it will bring in many more choices for customers, as well as more competition and innovation. Critics, on the other hand, say that due to the unstable rules and regulations the illicit trading of stablecoins will rise, and question the conflict-of-interest concerns raised by President Trump’s dealing in the coins.

Senator Elizabeth Warren spoke on the act last month, highlighting the opportunities the bill allows for buyers of Trump’s coins, opportunities such as tariff exemptions, pardons, and government appointments. Warren says, “While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all.”