At the Bitcoin conference in Las Vegas, Vice President JD Vance made statements that turned heads. From backing Bitcoin to providing surety that crypto will be a priority, Vance received some loudest cheers.
“There’s a new sheriff in town,” Vance declared. “After four years of hostility from Democrat regulators, crypto finally has a champion in the White House,” he said over Trump’s comeback. Vance also took a swipe at former SEC Chair Gary Gensler, who is often the target of the crypto community.
Vance calls Gensler’s crackdown a disaster
“We fired Gary Gensler and we’re going to fire everyone like him,” he said, receiving loud applause. He called the Biden administration’s approach and Gary Gensler’s actions – a complete disaster and added that these regulators hold back innovation in the name of protecting consumer interest.
Operation Chokepoint 2.0 Is Dead, Says Vance
“We prioritize eliminating the rules, the red tape, and the lawfare that we saw aimed at our crypto by our predecessors,” Vance said. “We’re ending the weaponization of federal regulations against this community. To put it simply, Operation Chokepoint 2.0 is dead, and it is not coming back under the Trump administration.”
Currently, 50 million Amercians own crypto and he expects the number to double and warned that without clear rules, the $3 trillion crypto industry could easily move offshore.
These remarks are in line with Trump’s previous statement during the election as he pledged to remove Gensler on day one if elected. Paul Atkins is now appointed in his place who has a pro-crypto background.
