Full Text of U.S. Vice President JD Vance's Bitcoin 2025 Conference Speech

Source: Speech by US Vice President JD Vance at the Bitcoin 2025 Conference; Translated by AIMan@Jinse Finance

You know, the Secret Service is a bit nervous because I told them that these Bitcoin guys really like guns, but they also really like the President and Vice President of the United States, so I think we are fine.

So I would like to first thank David Bailey for everything you have done for the Bitcoin community. Especially thank you for everything you have done for me and the president, helping us move from the candidate stage to the White House, because in the past 120 days, we have really done a lot of good things, and I believe we could not have achieved this without David’s support.

I would also like to thank the Winklevoss brothers, Tyler and Cameron. These guys are somewhere in the field. I gotta say, Tyler and Cameron, I think they really helped break the ice in Silicon Valley. Because if you remember, going back to June or July of last year, it feels like a long time ago, but it’s actually less than a year. At that time, people in Silicon Valley would whisper privately that they were going to support Donald Trump as president, and they would talk about how the Democrats had become too crazy to get rid of Gary Gensler, but they were not quite willing to say it, at least not publicly, that they were going to take that big step and support Donald Trump. J. Trump. And Tyler and Cameron, I think they were some of the first big guys in Silicon Valley to take that step, and then a whole bunch of people followed. So, Tyler and Cameron, thank you.

Of course, I would also like to thank the excellent staff at Coinbase, the organizers of this event, and everyone who contributed to this incredible event. I’m glad to be here, and when I checked this morning, the price of Bitcoin was at least $108,000. As the Vice President of the United States, I’m pleased to be here.

You know, I encounter a lot of exciting people at work, but it’s been a long time since I’ve attended such a vibrant meeting. After a long night in Las Vegas, you showed up at 9 AM, and doing that without abundant energy is impossible. But I assure you, I’m not saying this just to hype up my own meme coins.

But I think it’s wrong to simply call this a meeting. This is not a meeting of one person; it is a movement. I am proud to stand with you today.

I believe that this meeting, this people’s movement, will determine the future of cryptocurrency in this great country. So, let us first clarify one point: the future will be decided by the people, by you, and not by unelected bureaucrats.

As you may all know, today the stars are shining here, including several of my colleagues from the Trump administration. David Sacks, Bo Hines, Hester Peirce, I know you are all present, and I am glad to be with so many friends and allies.

So, I want to take a few minutes to talk about a few things. I want to discuss some of the work we did during the Trump administration, and I want to give you a brief overview of this administration’s progress on digital asset policy, but I also want to talk about some principles that guide us in formulating this policy.

What Bitcoin Means to the American People

But before that, I want to talk about why I personally have an optimistic attitude towards cryptocurrency and what it means for the American people.

People ask me why I’m so optimistic about the country’s future of innovation. I’ve been in Silicon Valley long enough to be able to discern good technologies — those that increase our productivity, enrich our lives, ground us in the real world, and complement our daily lives. That’s good technology. But there are also some bad techniques. When it comes to cryptocurrency, I think the last few years have made it clear that we’re talking about real bottom-up innovation that has improved the well-being of tens of millions of fellow citizens. I believe there are 50 million Americans who own Bitcoin, and I believe that number will soon reach 100 million.

But this is not just about Bitcoin, nor is it just about the value and wealth created by millions of our compatriots through decentralized finance. Cryptocurrency has changed the way Americans transact with one another, and it has expanded access for many who might otherwise be unable to obtain banking services. Every day, I feel like I can see certain breakthrough applications of blockchain technology, whether in supply chain management, hospitals, or in changing the way we track and store patients’ private health records.

But with each of these forward-thinking new applications, I also feel that crypto has an extremely valuable conservative element as a hedge. Cryptocurrencies are a hedge against bad decisions in Washington, regardless of which party is in power. It is a hedge against the sharp inflation that has eroded Americans’ real savings rates over the past four years. And, as you all know, it is a tool to hedge against the growing willingness of the private sector to discriminate against consumers based on their basic beliefs, including their political affiliation.

This certainly includes canceling users’ bank account eligibility for supporting the Second Amendment or having ties to the first Trump administration. In Canada, the government did the same thing to stifle the protests of those large truck drivers in 2022. Within a week, they succeeded, and the protests ended.

But perhaps most importantly, I see cryptocurrency as a tool to hedge against one of the most dangerous trends in the public and private sectors of the digital age, which is those elites who are unwilling to innovate themselves, but prefer to simply take over and co-opt cutting-edge technology to maintain their control over others.

I know that everyone present believes that Bitcoin will never be like that, and you will make sure of it.

But as you all know, a new official has taken office. After enduring four years of abuse and overt hostility under a Democratic regulatory agency, the lawmakers of this country face a choice: to lead our nation towards a future of financial sovereignty, innovation, and prosperity, or to let unelected bureaucrats and foreign competitors set the rules for us.

I am here today to say loud and clear that under President Trump, cryptocurrency finally has a defender and ally in the White House. In our government, we understand the full potential of the digital asset industry, which is not just an investment, not just a dazzling technology, but a symbol and driver of individual freedom for all citizens. We are committed to this commitment. In our view, all of you are the digital pioneers of the U.S. economy. That’s why our administration is doing something unusual in Washington: We’re listening to all of you, listening to your voices as you blaze the trail of innovation. The innovators in this room are improving people’s lives, pushing boundaries, solving problems, and injecting unprecedented transparency into the way we do business. In our view, you all deserve the same level of transparency and clarity from the government, and most importantly, you deserve the respect and support of the government, not the bureaucrats trying to suppress you.

Three Major Crypto Actions: Chokehold Action 2.0, Genius Act, Digital Asset Regulatory Bill

This means some substantive, concrete steps.

Throat Closure Operation 2.0

Of course, the first and most important step is quite simple: we must clean up the mess left by the previous administration. From day one, that has been what we have been striving to do. Our government prioritizes eliminating the rules, red tape, and legal battles that we saw from the previous administration targeting cryptocurrency. We are terminating the weaponization of federal regulations against this community. Simply put, “Operation Chokepoint 2.0” has reached the end of its life and, under the leadership of the Trump administration, it will not return.

By the way, the idea of using government regulatory power to suppress an industry and to silence those who hold views you dislike is outrageous that it once sparked controversy. But let my speech today serve as an obituary for the “strangulation action.”

This is my vow to each and every one of you present: You will never see this government attempt to undermine your community or weaken its impact on the economy. On the contrary, we reject the Biden administration’s legacy of “death by a thousand cuts” enforcement. We reject regulators - perhaps the most important thing we do for this community is - we reject regulators, we fire Gary Gensler, and we will fire everyone like him. We know that the tricks played by people like Gary Gensler are that they attack every effort to democratize our financial markets under the guise of protecting consumers. That is all over.

I grew up in a working-class family. I believe that America is a place where anyone, regardless of where they grow up or whether they have a degree, should be able to become wealthy. In recent years, I can hardly think of a better place than the digital asset industry.

Stablecoin Bill Genius Act

Our second substantive step is that we are working to create a clear, growth-promoting legal framework for stablecoins in this country. I know we have some staunch allies in Congress. Is Cynthia Lummis here today? Or has she already gone home? I was supposed to have dinner with Cynthia Lummis last night, and we had a little event yesterday where I looked around and said, “Where on earth is Cynthia Lummis?” Someone said, “Oh, she has a dinner to go to.” I said, “I’m the Vice President.” Unless she’s having dinner with the President, Cynthia has no reason to miss this event. But we love Cynthia, and I know she is one of the great advocates in the U.S. Congress speaking for your industry.

I know that under the leadership of Cynthia and other outstanding lawmakers, Congress is working hard to pass the Genius Act and send it to the President for signature as soon as possible. This is an important step, and there is a good reason for it, as regulatory uncertainty in this country over the past few years has pushed too much stablecoin activity overseas.

Yesterday someone told me that Bitcoin has achieved such great success in the past few years despite facing so much resistance. How great would it be if a government could provide some support for one of the fastest-growing industries in our country? This is exactly what we intend to do.

Once the “Genius Act” is enacted, it will greatly expand the use of stablecoins as a digital payment system for millions of American compatriots. It will also protect token holders and inject further transparency into the market.

On another point, allow me to emphasize: in this administration, we do not believe that stablecoins threaten the integrity of the dollar, quite the opposite. In fact, we see stablecoins as multipliers of our economic power. Stablecoins pegged to the U.S. dollar, especially after the enactment of the Genius Act, will only be good for the U.S. economy and will only be good for the U.S. dollar. So, once again, we are optimistic that the Senate can quickly pass a pure Genius Act, and the House of Representatives will follow suit. Of course, once so, our great President Trump will sign the bill as soon as he receives it.

Digital Asset Regulatory Act

After all this happens, the current government will fully shift to our third priority: to establish a transparent and tailored regulatory framework for digital assets, a framework that promotes innovation and fully integrates cryptocurrencies into the mainstream economy.

I want to reiterate that over the past few days, I have spoken with many of you, and while a lot of good things have happened over the past few months, one ongoing concern I hear is that people still believe digital assets are not welcomed in the mainstream economy. Please allow me to assure you that our efforts to change policy are purely aimed at changing this perception. We want our fellow citizens to know that cryptocurrency and digital assets, especially Bitcoin, are part of the mainstream economy and will continue to exist.

We believe that achieving this goal through legislation is essential—because I hope the Republican Party can remain in power for a long time, but in politics, nothing is guaranteed forever—therefore, the best way to ensure that cryptocurrency becomes a part of the mainstream economy is through a market structure bill that advocates for, rather than restricts, the extraordinary value represented by Bitcoin and other digital assets.

Now, under the leadership of the current Congress and the current government, we have a once-in-a-lifetime opportunity to unleash innovation and leverage it to improve the lives of countless American citizens. However, if we cannot establish clear regulatory rules now, we risk driving this $3 trillion industry overseas in search of more favorable jurisdictions. President Trump will work to ensure that this does not happen.

By establishing wise and innovation-promoting rules through locking, we can also ensure that Democrats or anyone else can never again wage war on the crypto community.

Three Ideas: Engage in Politics, Bitcoin as Strategic Reserve, Focus on AI

My speaking time is up, but before I return to Washington, please allow me to give you some advice and some thoughts on the future direction of this industry. This is just a politician’s perspective, so take it with a grain of salt; perhaps its value is less than one Bitcoin right now.

Crypto community please participate in politics

But allow me to say a few things. First of all, I remember the first time I ran for the Senate, it was the first time I got involved in politics, and that was in 2022. To be honest, one of my grievances with the crypto community is that – as one of the few people who actually owned Bitcoin as one of the few people running for office, I still own a fair amount of Bitcoin today – and come to think of it, it was during the campaign, which was 2021 and 2022, which felt like a long time ago, but it was actually just four years ago – and I realized that what the Biden administration was doing, what Gary Gensler was doing, as many Bitcoin advocates recognized, was a disaster. At the political level, however, there doesn’t seem to be any real organization fighting back against it. Allow me to say that part of the reason I’m standing here today, part of the reason Bernie Moreno defeated Sherrod Brown in the Senate race last year, is because you guys organized and got involved in American politics. For that, I thank you.

However, one lesson to be learned from this experience is that unless you are involved in politics, politics will ignore the industry. You’ve taken a big step forward in 2024, and I tell you, every win we win is only a temporary one. You know, one of my great mentors in Silicon Valley always told me that Bitcoin, the crypto community is about exit, and AI is about voice. I know that in 2024, many people in this community have chosen to “speak up,” and you have chosen to stand up and choose to get involved. I believe that, as a result, you have changed the trajectory of our country. But you must continue to choose to speak up. You know, Bitcoin is, of course, called digital gold, but while Bitcoin is digital, none of you are, none of us are. What happens in the world of politics, what happens in the world of bureaucracy, if we don’t make the right decisions, it will affect even the most transformative and valuable technologies.

So, the first suggestion I want to ask you to do is to continue the momentum you have in politics in 2024 into 2026 and beyond. Do not neglect politics, because I assure you, my friends, politics will not neglect this community now or in the future.

Bitcoin Strategic Reserves and America’s Future

The second point I want to make is that we have to start thinking about the long-term strategic implications of Bitcoin. About 50 million Americans own Bitcoin, and many Americans make a lot of money and create a lot of wealth for themselves, which is a good thing. But I actually think that the future direction of Bitcoin is to become a strategically important asset for the United States over the next decade. This is one of the reasons why President Trump, with the help of our great AI expert, David Sacks, launched the Bitcoin Reserve, as we want to start pushing for the strategic importance of Bitcoin to the U.S. government. We know that China doesn’t like Bitcoin. So we should ask ourselves, why? Why is our biggest adversary so opposed to Bitcoin? If China is distancing itself from Bitcoin, then perhaps the United States should embrace it. That’s one of the things we’re going to do.

But this is not just the vice president standing here talking to you. How Bitcoin fits into our nation’s strategic future must be a two-way conversation. So, when I talk about engaging in politics, one thing you can do is to keep giving us feedback, keep telling us how Bitcoin can play a positive role in this country’s strategic future. I know the Bitcoin Policy Institute is currently researching this topic, but all of you must participate in this conversation. Because I think we all do not want to wake up ten years from now in a country that is less wealthy and less prosperous because of the wrong decisions we made today. We will make the right decisions, but it depends on your participation in the conversation. So, please engage in that dialogue.

The Bitcoin community should closely monitor AI

This is the third thought I would like to leave you with. You may have heard the argument that cryptocurrency is inherently a conservative or right-leaning technology, while AI is inherently a left-leaning or communist technology. Now, I think that’s a bit of an exaggeration in both directions, but there really is a fundamentally real component in it. Since I first entered politics about four years ago, I haven’t been involved in the day-to-day running of a tech company. But I’ve noticed that very smart people on the right in tech tend to gravitate towards Bitcoin and cryptocurrency, while very smart left-leaners in tech tend to gravitate more towards AI. Again, this is a rough generalization, an exaggeration, but there is a real component to it.

But I want to ask everyone to remember that what happens in the AI space, for better or worse, will greatly affect what happens in the Bitcoin space. Of course, what happens in the Bitcoin space will also greatly affect what happens in the AI space. So, while this is certainly a Bitcoin conference, and I know we’re all proud of what you’ve accomplished over the past decade, my final piece of advice is to make sure you guys keep a close eye on and continue to engage with what’s happening in the AI space. Because I don’t want Bitcoin to be negatively affected by what’s happening in the AI space, and most importantly, I don’t want the United States to be negatively affected by what’s happening in the AI space. The best way to ensure that smart people are engaged in AI conversations is to ensure that Bitcoin is part of the AI conversation. Our government is committed to this, and I hope you are committed to it.

I just want to say that we have achieved a lot, but in the coming years of the Trump administration, we plan to continue making significant progress for this industry and the American people who depend on it. The whole government needs your help, we need your guidance, we need your encouragement, and sometimes, yes, because this is politics, our politicians also need your pressure.

So, have fun this week, but please keep applying pressure, and together we will do great things for our industry, but most importantly, for the personal freedom cause and the United States.