U.S. Vice President Vance stated that dollar-pegged stablecoins will become a multiplier of our economic strength.

Compiled by: MetaEra

On May 28, local time in the U.S., Vice President Vance delivered a speech at the 2025 Bitcoin Conference, emphasizing that digital assets are symbols and drivers of personal freedom. He announced that the Trump administration has ended its hostile policies towards cryptocurrencies, promoting the legalization of stablecoins and the establishment of a national strategic Bitcoin reserve, and called on the crypto community to continue engaging in politics to shape the future of American innovation and freedom. Below is a summary of the speech.

Key Quotes from the Speech

This is a movement that will determine the future of cryptocurrency in America.

Who will decide the future? You will decide.

I want to make it clear: from our government's perspective, stablecoins do not threaten the dollar's status. On the contrary (they will enhance the dollar's status).

Dollar-pegged stablecoins will become a multiplier of our economic strength.

So we should ask: why? Why do our top competitors resist it so much?

Anything that happens with AI—good or bad—will affect the development of Bitcoin.

What happens with Bitcoin will, in turn, affect the development path of AI.

Full Text of the Speech

You know, I have attended many Bitcoin conferences, but this is definitely the largest audience I have ever seen. My goodness.

What’s really cool about this conference is that it’s about making history.

We are making history—because this is the largest Bitcoin conference ever held.

Today, we expect 35,000 people to attend.

We are also making history—because this is the conference where Bitcoin's price first broke $100,000. [Applause]

You know, last year in Nashville, we also made history when then-candidate Donald J. Trump spoke here. He made some promises to us:

He promised to end the war on cryptocurrencies.

He promised to free Ross Ulbricht.

He promised to never sell our Bitcoin.

He promised to establish a strategic Bitcoin reserve and make America a global Bitcoin superpower within 100 days.

Promises made, promises kept.

And this morning, we are also making a little bit of history: this is the first time in American history that a sitting Vice President has addressed the global Bitcoin community.

Are you ready? Then please welcome the Vice President of the United States—JD Vance.

Thank you, thank you all. First, I want to say—please sit down, please sit down, thank you. Please take your seats.

The Secret Service is a bit nervous because I told them, "These Bitcoin people really like guns," but they also really like the President and the Vice President. So, I think we are safe.

I want to first thank David Bailey. Thank you for everything you have done for the Bitcoin community, especially for me and the President, helping us from the candidate stage all the way to the White House. We have achieved a lot in the past 120 days, and we couldn’t have done it without your support.

I also want to thank the Winklevoss brothers—Tyler and Cameron. I have to say, they really played a "break the dam" role in Silicon Valley. Remember? Last June and July, many people in Silicon Valley would privately say they would support Trump, saying the Democrats had gone too crazy and that Gary Gensler had to go.

But at that time, they were still reluctant to speak out publicly. And Tyler and Cameron were the first Silicon Valley celebrities to publicly support Trump.

Then a whole bunch of people followed them out. So, Cameron and Tyler, thank you.

Of course, I also want to thank the Coinbase team and all the organizers for making this amazing conference a reality.

This morning, I checked the price of Bitcoin, and it was $108,000.

As the Vice President of the United States, it is truly an honor to stand here.

You know, my job allows me to meet many interesting people, but it has been a long time since I attended a conference with such energy.

I want to say, my goodness, you all partied all night in Las Vegas and still made it here by 9 AM the next morning—truly impressive.

I promise, I’m not saying this to boost my own meme coin.

But seriously, calling this conference a "meeting" is not right.

This is not just a conference; it is a movement.

I am proud to stand here today, standing with you.

I believe this conference, this movement, is a key moment in determining who will decide the future of cryptocurrency in America.

Let’s be clear:

The future will be decided by you, not by bureaucrats without an elected mandate.

You will meet many colleagues from the Trump administration today, David, Bo, Hester—are you all here? It’s great to be with so many friends and allies.

Today, I will talk about three things:

First, I want to discuss what the Trump administration has done in terms of crypto policy;

Second, I want to talk about the guiding principles behind our policies;

Third, I want to explain why I am confident about cryptocurrency and what it means for the American people.

Many people ask me why I am so optimistic about the future of American innovation.

I have been in Silicon Valley long enough to distinguish what is "good technology"—technology that enhances productivity, improves lives, is rooted in reality, and enhances everyday experiences.

That is "good technology."

Of course, there is also "bad technology."

And when it comes to cryptocurrency, the past few years have clearly proven: this is real innovation from the grassroots.

It has been improving the lives of tens of millions of Americans.

As far as I know, about 50 million Americans currently own Bitcoin.

I believe this number will soon become 100 million.

But this is not just about the price of Bitcoin, nor just about the wealth created through it.

Decentralized finance has completely changed the way Americans transact.

It has expanded the boundaries of financial services, allowing those who previously could not access bank accounts to gain financial access.

And every day I can almost see new applications of blockchain in different fields:

Whether it’s supply chain management, hospital systems, or even the recording of patient privacy health data.

But beyond these forward-looking applications, I also see a very conservative yet precious aspect of Bitcoin technology:

It is a hedge.

It can hedge against bad policies coming from Washington—regardless of which party is in power;

It can hedge against the losses brought by inflation—over the past four years, inflation has nearly consumed the real savings rate of Americans;

It can also hedge against private enterprises that begin to deprive you of banking services due to your beliefs or political stance.

Including those who have been "debanked" because you defended the Second Amendment (the right to bear arms) or were once involved in the Trump administration.

You all remember, right? The Canadian government ended the truckers' protests in 2022 by freezing accounts.

Within a week, the protests were over.

But perhaps more importantly: I see Bitcoin as a shield against the most dangerous trends of the digital age.

In both the public and private sectors, there is a group of elites who are not innovating but are seizing and controlling cutting-edge technology to manipulate others.

But we all know: this is not the essence of Bitcoin, and it never will be.

And you will ensure it never is.

But you know, things are different now; a "new sheriff" has arrived.

After being systematically suppressed and vilified by Democratic regulators for the past four years, lawmakers now face a choice:

Are we going to lead the nation towards financial sovereignty, innovation, and prosperity,

or let unelected bureaucrats and foreign competitors set the rules for our future?

I want to say loudly and clearly today, alongside President Trump:

Cryptocurrency finally has true advocates and allies in the White House.

In our government’s eyes, the potential of the digital asset industry is not just about investment, nor just about cool technology.

It is a symbol and driver of personal freedom for American citizens.

Each of you here is a pioneer of the digitization of the American economy.

Therefore, we are doing something unusual in Washington:

We are seriously listening to your voices.

You are solving problems, expanding boundaries, and driving innovation,

You are bringing unprecedented transparency to the business world.

So you equally deserve:

Transparent, clear rules, and respect and support from the government,

not interference and suppression from bureaucrats.

At this point, we must take several substantive actions.

And the top priority is also the simplest and clearest:

Clearing the wreckage left by the previous administration.

From day one of our administration, this is what we have been doing.

What our government prioritizes is: eliminating red tape, restrictive rules, and the "legal war" against the crypto industry.

We have ended the weaponization of regulation against the crypto industry.

In a nutshell, Operation Chokepoint 2.0 is dead,

and it will never be revived under the Trump administration.

By the way, it’s unbelievable that this would even cause controversy.

Just think about it: using government regulatory power to destroy an industry simply because you disagree with their views—how could that be reasonable?

So let my words today serve as the obituary for Chokepoint 2.0.

This is my promise to each and every one of you present:

This administration will never suppress your community or deny your contributions to the economy.

We reject the Biden administration's torturous enforcement against this industry.

We reject the games of those so-called regulators.

Perhaps the most important thing we have done for this community is:

We have fired Gary Gensler and will fire all those like him.

We know that people like Gensler, under the guise of "protecting consumers,"

are destroying all efforts to democratize finance.

But all of that is over now.

I am an American born into a working-class family.

I have always believed that America is a country where you have the opportunity to get rich, no matter where you come from or whether you have a degree.

And in recent years, I can’t think of any field that embodies that spirit more than the digital asset industry.

Next is the second substantive work we need to do:

We are working to establish a clear, growth-supportive legal framework for stablecoins.

I know we have steadfast allies in Congress, like Cynthia Lummis.

Is she here today? Or has she already gone home?

Last night, I was supposed to have dinner with Cynthia; we had an event, and I was looking everywhere for her, asking, "Where did she go?"

Someone told me, "She has a dinner engagement."

I said, "I’m the Vice President! Unless she’s having dinner with the President, there’s no reason for Cynthia not to be here."

(Laughter) But we all love Cynthia; she is indeed one of the strongest supporters of the crypto industry in Congress.

I know that under the leadership of Cynthia and other great legislators, Congress is working hard to push through an important piece of legislation, which is:

The Genius Act—get it to the President's desk as soon as possible.

This is a very important step.

Why?

Because over the past few years, the uncertainty of American regulation has forced too many stablecoin businesses overseas.

Yesterday someone told me:

"Bitcoin has faced so many headwinds in the past few years and still made it to today,

wouldn’t it be better if the government could provide some tailwinds?"

That is exactly the goal of our government.

Once the Genius Act is legislated, it will greatly promote the widespread use of stablecoins in the U.S. as a digital payment system, serving millions of Americans.

It will also protect holders and bring more transparency to the market.

I want to emphasize one point:

In the eyes of our administration, stablecoins do not threaten the integrity of the dollar.

On the contrary:

We believe stablecoins are a multiplier of American economic strength.

Dollar-pegged stablecoins—especially after the passage of the Genius Act—will only enhance the U.S. economy and further strengthen the international status of the dollar.

Therefore, we are confident that the Senate will quickly push for a clear version of the Genius Act legislation,

and we hope the House will follow suit.

Once the bill reaches the President's desk,

President Trump will sign it into law at the earliest opportunity.

After completing this step, the government will fully advance our third priority:

To establish a transparent, tailored, and innovation-supportive regulatory framework for digital assets,

allowing cryptocurrencies to truly integrate into the mainstream economic system.

In recent days, I have spoken with many of you.

While everyone is excited about the achievements of the past few months, there is a persistent concern:

That cryptocurrencies have still not been fully accepted in the mainstream economy.

In this regard, I solemnly promise you:

The reason we are working hard to push for policy reform is to change all of that.

We want all Americans to know:

Cryptocurrencies, digital assets, especially Bitcoin, are already part of the mainstream economy and will exist for the long term. [Applause]

We believe that from a legislative perspective, the most effective way is to:

Introduce a market structure bill,

which is not meant to limit the value of Bitcoin and digital assets,

but to support the extraordinary potential they represent.

Now, with the cooperation of this Congress and this administration,

we are facing a once-in-a-lifetime opportunity

to improve the lives of thousands of Americans through innovation.

But if we do not establish clear regulatory directions now,

we may hand over this $3 trillion industry to countries that are more friendly to crypto.

President Trump will do everything possible to prevent that from happening.

Just think:

If we lock in a set of smart, innovation-supportive policy rules today,

we can also prevent any future party from waging war on the crypto community again.

I know I have gone over time, but before I return to Washington,

please allow me to give you three more suggestions or areas of thought, sharing my observations about this industry.

This is just a politician's perspective,

You can judge its worth against a Bitcoin.

The first point:

I remember when I first ran for Senate in 2022,

I was one of the very few candidates who actually held Bitcoin at that time. I still hold a significant amount of Bitcoin today.

Think about it, that was in 2021 and 2022.

It feels like a lifetime ago, but it was only four years ago.

At that time, like many Bitcoin supporters,

I saw the regulatory disaster from the Biden administration and Gary Gensler.

But what frustrated me was:

At that time, the entire crypto industry was almost unorganized in resisting them politically.

And what I want to say is:

The reason I can stand here today,

and Bernie Moreno can defeat Sherrod Brown in the Senate election,

is because you stood up and began to engage in American politics.

I thank you for your participation.

But please take a lesson from this experience:

If you do not engage in politics,

politics will ignore you, or even harm you.

You took an important step in 2024.

But I want to remind you: every victory is a temporary victory.

A friend of mine in Silicon Valley once told me:

"The Bitcoin community believes in 'exit the system,' while the AI community believes in 'change the system.'"

And what I see is that in 2024, many friends from the crypto community chose to "change the system."

You chose to speak out and chose to engage in politics.

I believe you have changed the trajectory of the nation because of that.

But you must continue to choose to speak out.

Bitcoin is called "digital gold."

But Bitcoin is digital, and you are not.

What happens in politics and the bureaucratic system,

even the most valuable and disruptive technology,

if we make the wrong decisions today, will also be difficult to escape its impact.

So my first piece of advice to you is:

Carry the motivation you have for participating in politics in 2024,

all the way to 2026 and even further into the future.

Do not ignore politics.

Because I assure you:

Politics will never ignore your community.

The second piece of advice:

We must think strategically about the future role of Bitcoin.

Currently, about 50 million Americans hold Bitcoin,

and many have become wealthy and created their own fortunes, which is a good thing.

But I believe the next phase for Bitcoin is:

To become a national strategic asset for the United States in the next decade.

That is why—under the leadership of President Trump,

and with the help of our outstanding AI advisor David Sacks,

we established the National Bitcoin Reserve.

We want to promote this initiative to make Bitcoin a strategic tool for the U.S. government.

Whether Bitcoin can truly integrate into national strategy must be a two-way dialogue.

That is why I keep emphasizing: you need to engage in politics.

You must continue to provide us feedback, telling us how Bitcoin can contribute to the long-term strategic development of the United States.

I know the Bitcoin Policy Institute is studying this direction,

but each of you should be part of this dialogue.

Because none of us want to wake up in ten years and find the country has become poorer and less free due to today's wrong decisions.

We will make the right decisions,

but the premise is—you must participate in this decision-making.

Now, the third piece of advice:

You may have heard a saying:

"Cryptocurrency is essentially a conservative or right-wing technology, while AI is essentially a left-wing or centralized technology."

I admit that this saying is somewhat oversimplified, but it does have some truth to it.

I have not been involved in the daily operations of tech companies for four years since I entered politics.

But I have noticed this phenomenon:

Many smart right-wing tech talents are attracted to Bitcoin,

while many smart left-wing tech talents are engaged in AI.

This is certainly a rough classification, but it reveals a cultural tendency.

I want to remind everyone:

The outcome of AI development will inevitably affect Bitcoin;

and the fate of Bitcoin will, in turn, affect AI.

So, while this is a Bitcoin conference,

and we are all proud of the achievements of the Bitcoin community over the past decade,

my final piece of advice is:

You must pay attention to developments in the field of artificial intelligence and actively participate in it.

I do not want the development of AI to have a negative impact on Bitcoin.

More importantly:

I do not want the development of AI to have a negative impact on American national interests.

And the best way to ensure that smart and visionary people are involved in this AI dialogue is:

To make the Bitcoin community part of the AI conversation.

Our administration has committed to doing this.

I also hope you will join us in this effort.

Finally, I want to say:

In the coming years, we have done a lot for this industry, but we have even grander plans.

For this industry, and for the Americans who rely on it, we need everyone:

To provide help, offer advice, stay engaged,

and apply political pressure when needed.

So enjoy the conference this week.

But also continue to speak out, continue to apply pressure, and together we will achieve great things:

Not just for this industry,

but for personal freedom and for the future of the United States of America.

God bless you,

Thank you for having me here.

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