JD Vance tells bitcoin conference that stablecoins don't threaten the dollar
"In this administration, we do not think that stablecoins threaten the integrity of the U.S. dollar. Quite the opposite," Vance said, in his keynote at Bitcoin 2025 in Las Vegas on Wednesday. "We view them as a force multiplier of our economic might."
Months after a successful campaign for the White House that was heavily funded by the crypto industry and less than a year after then-candidate Donald Trump spoke at Bitcoin 2024 in Nashville, Tennessee, Vance reiterated the message that the Trump-Vance administration is pursuing a decidedly pro-crypto agenda.
Stablecoins, which are designed to have a stable value against a non-crypto asset, usually the U.S. dollar, are a big topic at the moment as Republicans attempt to pass the GENIUS Act, a bill that would regulate the digital asset. The legislation was cleared a key procedural vote in the Senate last week, due to support from 15 Democrats, but still could face an uphill battle in the House, which has its own proposed bill for stablecoin regulation.
David Sacks, President Trump's top crypto and AI advisor, told CNBC last week that the market is flush with over $200 billion in stablecoins that are unregulated, and that a legal framework "could create trillions of dollars of demand for our Treasuries practically overnight."
Democrats previously rejected the GENIUS Act in part on concern that President Trump's personal cryptocurrency ventures, including his own meme coin and a stablecoin from his family's crypto business, created an unprecedented conflict of interest.
Vance didn't address that issue on Wednesday from the stage at the Venetian, but he did joke that he wasn't just complimenting the crowd to "juice my own meme coins." Rather, he focused on the value in legitimizing stablecoins.
"Dollar-pegged stablecoins, particularly once GENIUS is enacted, is only going to help the American economy," Vance said. "And it's only going to help the American dollar."
The event in Las Vegas is expected to attract 35,000 attendees. In addition to using the occasion to promote stablecoin legislation, Vance applauded the administration's creation of a strategic bitcoin reserve and its efforts to roll back regulations.
Vance disclosed that he owns "a fair amount of bitcoin today," and he took a shot at former SEC Chairman Gary Gensler, who has become a regular punching bag for many lawmakers and crypto executives.
"We fired Gary Gensler — and we're going to fire everyone like him," Vance said.
Prior to Vance's keynote, the Department of Labor rescinded 2022 guidance that had discouraged cryptocurrency investments in retirement plans. Labor Secretary Lori Chavez-DeRemer said that fiduciaries, not bureaucrats, should decide whether crypto belongs in 401(k) plans.
The rollback is part of a broader effort to bolster digital assets. Banks can now custody crypto, after the repeal of a key accounting rule known as SAB 121. The Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency also rescinded their anti-crypto guidance, and the Federal Reserve has partially followed suit.
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