United States Vice President J.D. Vance urged action on digital asset regulation, warning that inaction could send trillions offshore, as lawmakers face resistance partly due to President Trump’s crypto ties.
Vance, who spoke on Wednesday at the Bitcoin 2025 conference in Las Vegas, said a market structure bill that doesn’t restrict crypto is needed to “ensure that crypto is part of the mainstream economy.”
“If we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendlier jurisdiction, and President Trump is going to fight to make sure that does not happen,” Vance said. “Think about this, by locking in smart, pro-innovation rules of the road, we can also make sure that Democrats or anybody else never wage another war on the crypto community.”
Lawmakers in Washington are quickly working to advance bills to regulate stablecoins and another later on to write rules for the crypto industry at large. Trump’s crypto interests have muddied up those efforts so far, given that Trump’s family has been involved in crypto in a few ways. Trump and his wife, Melania, launched their own memecoins days ahead of his inauguration, and Trump-backed World Liberty Financial recently launched its own stablecoin, for example.
A Senate stablecoin bill was put on pause temporarily this month, following some Democrats’ concerns over provisions related to foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins, and Trump’s deepening ties to crypto ventures, including the recently launched stablecoin. That bill was later moved forward via cloture — a procedural move that clears the way for further debate. A House hearing is slated for June 4 to discuss digital asset regulation.
You’re fired
Vance also vowed on Wednesday that the Trump administration will fire regulators like former U.S. Securities and Exchange Commission Chair Gary Gensler. Presidents can fire heads of federal agencies, but with some limitations. The U.S. Supreme Court ruled last week, in a temporary decision, that the Trump administration can fire members of independent federal agencies, and suggested it did not apply to the Federal Reserve, according to reporting from NBC News.
Gensler stepped down in January ahead of Trump’s inauguration. The SEC’s new chair, Trump-appointed Paul Atkins, has said he has plans to take a new approach to regulating crypto at the agency.
“Maybe the most important thing that we did for this community, we reject regulators and we fired Gary Gensler, and we’re going to fire everybody like him,” Vance said on Wednesday.
Vance also briefly mentioned his bitcoin holdings on Wednesday. According to previously filed financial disclosures, Vance, at least before taking office, held up to $500,000 worth of bitcoin
“I still own a fair amount of Bitcoin today,” he said.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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