Full text of the speech by U.S. Vice President JD Vance at the Bitcoin 2025 conference

You know, the Secret Service is a bit tense 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’re okay.

So I want 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 transition from the candidate stage into the White House, because over the past 120 days, we have indeed done a lot of good things, and I believe we could not have done it without David’s support.

I also want to thank the Winklevoss brothers, Tyler and Cameron. Those guys are somewhere in the audience. I have to say, Tyler and Cameron, I think they really helped break the stalemate in Silicon Valley. Because if you remember, going back to last June or July, it feels like a long time ago, but it was actually less than a year. At that time, people in Silicon Valley were whispering privately that they wanted to support Donald Trump for president, they would talk about how the Democrats had gone too crazy, and that Gary Gensler needed to be kicked out, but they were not quite willing to say it out loud, at least not willing to publicly say they would take that big step to support Donald J. Trump. And Tyler and Cameron, I think they were part of the early big names in Silicon Valley who took 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 am glad to be here; when I checked this morning, the price of Bitcoin was at least $108,000. As the Vice President of the United States, I am pleased to be here.

You know, I meet a lot of exciting people at work, but it’s been a long time since I’ve been to such an energetic conference. You’re here at 9 a.m. after a long night in Las Vegas, and you can’t do that without a lot of energy. But I promise, I’m not just saying this to hype up my own meme coins.

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

I believe that this conference, this people’s movement, will determine the future of cryptocurrency in this great nation. So, let us be clear about one thing: the future will be decided by the people, by you, not by unelected bureaucrats.

As you may all know, today is star-studded 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 am so optimistic about the innovative future of this country. I have spent enough time in Silicon Valley to discern good technology—those that can enhance our productivity, enrich our lives, ground us in the real world, and complement our daily lives. That is good technology. But there is also bad technology. When it comes to cryptocurrencies, I believe the past few years have clearly shown that we are talking about genuine bottom-up innovation that has improved the well-being of tens of millions of fellow citizens. I believe that 50 million Americans own Bitcoin, and I believe that this number will soon reach 100 million.

But this is not just about Bitcoin, it is not just about the value and wealth created by millions of fellow citizens through decentralized finance. Cryptocurrency has changed the way Americans transact with each other, and it has expanded access for many who might not have been able to obtain banking services. Every day, I feel like I can see some breakthrough new 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 the cancellation of users’ bank account eligibility due to support for the Second Amendment or connections with the first Trump administration. In Canada, the government did the same 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 technologies to maintain their control over others.

I know that everyone present believes that Bitcoin will never be like that, and you will ensure that.

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

Today, I say loudly and clearly that under President Trump’s leadership, cryptocurrency finally has a defender and ally in the White House. In our government, we understand the full potential of the digital asset industry; it is not just an investment, not just a flashy technology, but a symbol and driving force of personal freedom for all citizens. We are committed to realizing this promise. In our view, those present here are the digital pioneers of the American economy. That is why our government is doing something unusual in Washington: we are listening to all of your voices, listening to you as you pave the way for innovation. The innovators present are improving people’s lives; you are pushing boundaries, solving problems, and injecting unprecedented transparency into the way we conduct business. In our view, you all deserve the same level of transparency and clarity from the government, and most importantly, you deserve respect and support from the government, rather than bureaucrats trying to suppress you.

Three Major Crypto Moves: The Throat Closure Action 2.0, Genius Act, Digital Asset Regulatory Bill

This means some substantial and concrete steps.

Stranglehold Operation 2.0

Of course, the first and most important step is simple: we must clean up the mess left by the previous government. That’s exactly what we’ve been trying to do since day one. Our government prioritizes eliminating the rules, red tape, and legal battles we’ve seen from our predecessors against cryptocurrency. We are ending the weaponization of this community by federal regulations. To put it simply, Operation Chokepoint 2.0 is dead, and under 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 has actually sparked controversy before, which is just crazy. But let my speech today serve as an obituary for the “strangulation action.”

This is my oath to everyone in this room: you will never see this administration trying to hinder your communities or weaken their economic impact. On the contrary, we reject the legacy of the Biden administration’s “one-size-fits-all law enforcement.” We rejected the regulators—and perhaps the most important thing we did for this community—we rejected the regulators, and we fired Gary Gensler, and we fired everyone like him. We know that the trick played by people like Gary Gensler is that they attack every effort aimed at democratizing our financial markets under the guise of protecting consumers. That’s all over.

I grew up in a working-class family. I believe that America is a place where anyone, no matter where they grow up or whether they have a degree, should be able to achieve wealth. 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 the stablecoin of this country. I know we have some steadfast allies in Congress. Is Cynthia Lummis here today? Or has she gone home? I was supposed to have dinner with Cynthia Lummis last night; we had a little event yesterday, and I looked around and said, “Where did Cynthia Lummis go?” Someone said, “Oh, she has a dinner to go to.” I said, “I am the Vice President.” Unless she is having dinner with the President, Cynthia has no reason to be absent from this event. But we love Cynthia, and I know she is one of the great advocates speaking for your industry in the U.S. Congress.

I know that under the leadership of Cynthia and other excellent legislators, Congress is working hard to pass the Genius Act as soon as possible and send it to the President for signing. This is an important step, and the reasons are very strong, as the 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 it would 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 citizens. It will also protect token holders and inject further transparency into the market.

At another point, allow me to emphasize: in this government, 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 strength. Stablecoins pegged to the dollar, especially after the enactment of the Genius Act, will only benefit the U.S. economy and the dollar. Therefore, we are again optimistic that the Senate will be able to quickly pass a pure Genius Act, and the House will follow suit. Of course, once that happens, our great President Trump will immediately sign the bill upon receipt.

Digital Asset Regulatory Act

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

I want to emphasize again that I have spoken with many of you in the past few days. Despite many good things happening in the past few months, one persistent concern I have heard is that people still believe digital assets are not welcome in the mainstream economy. Please allow me to assure you that our efforts to change policy are purely aimed at altering 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 - because I once again hope the Republican Party can be in power for a long time, but in politics, nothing is ever guaranteed - 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 this Congress and this administration, we have a once-in-a-lifetime opportunity to unleash innovation and use it to improve the lives of countless American citizens. But if we do not establish clear regulatory rules now, we risk pushing this $30 trillion industry overseas in search of more favorable jurisdictions. President Trump will work to ensure that does not happen.

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

Three Ideas: Engage in Politics, Bitcoin 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 worth less than one Bitcoin right now.

Crypto community please engage 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 would like to ask you to do is to carry the momentum you have in participating in politics in 2024 into 2026 and beyond. Do not ignore politics, because I assure you, my friends, politics will not ignore this community now or in the future.

Bitcoin Strategic Reserves and the Future of the United States

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 it’s not just the Vice President standing here and addressing you. How Bitcoin participates in our nation’s strategic future must be a two-way conversation. So, when I talk about getting involved in politics, one of the things that you guys have to do is keep giving us feedback and keep telling us how Bitcoin can play a positive role in the strategic future of this country. I know the Bitcoin Policy Institute is working on this topic right now, but all of you must be part of this conversation. Because I guess none of us want to wake up in a decade in a country that is less rich, less prosperous, because we made the wrong decisions today. We will make the right decision, but it depends on your participation in the conversation. So, please be part of that conversation.

Bitcoin community needs to closely monitor AI

This is the third thought I want to leave you with. You may have heard the saying that cryptocurrency is essentially a conservative or right-leaning technology, while AI is essentially a left-leaning or communist technology. Now, I think this is somewhat exaggerated in both directions, but there is indeed a fundamental truth to it. Since I first entered politics about four years ago, I have not been involved in the daily operations of tech companies. But I have noticed that very smart right-leaning individuals in the tech field are often drawn to Bitcoin and cryptocurrency, while very smart left-leaning individuals in the tech field tend to lean towards artificial intelligence. Again, this is a rough generalization and an exaggeration, but there is a kernel of truth in 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 entire 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 continue to apply pressure, we will work together for our industry, but most importantly, to do great things for the cause of personal freedom and the United States of America.