Vance stated that a comprehensive regulatory framework that will distribute powers to oversee the crypto market among regulators will stimulate the development of the cryptocurrency industry in the United States. Creating clear rules will not only legitimize the industry, but also protect it from possible changes under future administration. Otherwise, there will be no conditions for the development of the $3.37 trillion crypto market in the United States, and industry companies will be forced to go offshore.
The vice president stressed that cryptocurrencies can be a good tool to protect against rising inflation, discrimination from the private sector, and ineffective policies at the federal level, regardless of which party is in power. According to Vance, the Trump administration recognizes that cryptocurrencies can provide American citizens with financial freedom, even the president himself calls himself an "ally" of cryptocurrencies in the White House.
The politician said that the government plans to repeal federal laws and remove regulators who put pressure on the crypto industry. Vance mentioned the resignation of former Securities and Exchange Commission (SEC) Chairman Gary Gensler and promised that the government would "fire everyone who looks like Gensler."
As for stablecoins, Vance said that the Trump administration does not consider them a threat to the U.S. dollar. On the contrary, Vance called stablecoins "a multiplier of U.S. economic power." He recalled the GENIUS bill, which regulates the issuance and circulation of stablecoins. The Senate is working hard to get this document to the president's desk for signing.
Vance is not the only crypto-friendly politician. Republican Senator from Wyloming Cynthia Lummis also announced the need to pass a bill on the structure of the crypto market. In March, Lummis introduced a bill to create a state reserve in bitcoins.
