Full transcript of U.S. Vice President Vance's speech at Bitcoin 2025 conference
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Full transcript of U.S. Vice President Vance's speech at Bitcoin 2025 conference
"In our government's view, stablecoins do not threaten the dollar's status. Quite the contrary (they enhance the dollar's position)."
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On May 28, local U.S. time, Vice President Vance delivered a speech at the 2025 Bitcoin Conference, emphasizing that digital assets symbolize and drive personal freedom. He announced that the Trump administration has ended its hostile policies toward cryptocurrencies, is pushing for stablecoin legalization, and building a national strategic Bitcoin reserve. He urged the crypto community to remain politically engaged in shaping America's future of innovation and freedom. Below is a compiled version of his speech.
Key Quotes from the Speech
This is a movement—and this movement will determine the future of American cryptocurrency.
Who will decide the future? You will.
Let me be clear: in our government’s view, stablecoins do not threaten the dollar’s status. Quite the opposite (they strengthen it).
Dollar-pegged stablecoins will act as multipliers of our economic strength.
So we should ask: why? Why is our top geopolitical rival so resistant to it?
Whatever happens with AI—good or bad—will impact Bitcoin’s development.
What happens with Bitcoin will, in turn, shape the trajectory of AI.
Full Speech Transcript
You know, I’ve attended many Bitcoin conferences, but this is absolutely the largest audience I’ve ever seen. My goodness.
What makes this event truly special is that we’re here to make history.
We are making history—because this is the biggest Bitcoin conference ever held.
Today, we expect around 35,000 attendees.
We’re also making history—because this is the first conference held after Bitcoin surpassed $100,000. [Applause]
Last year in Nashville, we made history too, when then-candidate Donald J. Trump spoke to you all and made several promises:
He promised to end the war on crypto.
He promised to free Ross Ulbricht.
He promised never to sell our Bitcoin.
He promised to establish a strategic Bitcoin reserve and make the U.S. a global Bitcoin superpower within 100 days.
Promises made, promises kept.
And this morning, we’re making a little more history: this is the first time a sitting U.S. vice president has addressed the global Bitcoin community.
Are you ready? Please welcome the Vice President of the United States—JD Vance.
Thank you, thank you everyone. First, let me say—please sit down, sit down, thank you. Everyone, please take your seats.
The Secret Service is a bit nervous because I told them, “These Bitcoin folks really like guns,” but they also really like the president and the vice president. So I think we’re safe.
First, I want to thank David Bailey. Thank you for everything you’ve done for the Bitcoin community, especially for me and the president—helping us from candidate phase all the way into the White House. We’ve accomplished a lot in the past 120 days, and none of it would have been possible without your support.
I’d also like to thank the Winklevoss brothers—Tyler and Cameron. I must say, they were a real “breach force” in Silicon Valley. Remember? Back in June and July last year, many people in Silicon Valley would privately say they supported Trump, that the Democrats had gone too far, and that Gary Gensler needed to be removed.
But back then, no one was willing to go public. Tyler and Cameron were the first major Silicon Valley figures to openly endorse Trump.
Then a wave of others followed. So, Cameron and Tyler, thank you.
Of course, I also want to thank the Coinbase team and all the organizers—for making this incredible event a reality.
This morning, I checked Bitcoin’s price—it was $108,000.
As Vice President of the United States, it’s truly an honor to stand here today.
I meet many interesting people through my work, but I haven’t been to an event with such intense energy in a long time.
I mean, wow—you all partied all night in Las Vegas and still showed up at 9 a.m. The next day. That’s seriously impressive.
I promise I’m not saying this to pump my own meme coin.
But seriously, calling this a “conference” is misleading.
This isn’t just a conference. It’s a movement.
I’m proud to stand here today, alongside you.
I believe this conference, this movement, marks the decisive moment for who will shape the future of American cryptocurrency.
Let’s be clear:
The future will be decided by you—not by unelected bureaucrats.
You’ll see many of my colleagues from the Trump administration today—David, Bo, Hester—are you all here? Great to be surrounded by so many friends and allies.
I’ll focus on three things today:
First, what the Trump administration has done for crypto policy;
Second, the guiding principles behind our policies;
Third, why I have such confidence in cryptocurrency, and what it means for the American people.
Many people ask me: why am I so optimistic about the future of American innovation?
I’ve spent enough time in Silicon Valley to distinguish “good tech”—technology that boosts productivity, improves lives, is grounded in reality, and enhances daily experiences.
That’s “good tech.”
Of course, there’s also “bad tech.”
And when it comes to cryptocurrency, the past few years have clearly shown: this is grassroots, authentic innovation.
It’s already improving the lives of tens of millions of Americans.
From what I know, around 50 million Americans now own Bitcoin.
I believe that number will soon reach 100 million.
But this isn’t just about Bitcoin’s price or the wealth it’s created.
Decentralized finance has fundamentally changed how Americans transact.
It’s expanded financial services, giving access to those previously unbanked.
And every day, I see new blockchain applications emerging:
In supply chain management, hospital systems, even in how patient health data is recorded and protected.
But beyond these futuristic applications, I see something deeply conservative and valuable in Bitcoin technology:
It’s a hedge.
A hedge against bad policy from Washington—regardless of which party is in power;
A hedge against inflation—which over the past four years has nearly erased Americans’ real savings;
A hedge against private companies that start denying you banking services based on beliefs or political affiliations.
Companies that de-bank you because you defend the Second Amendment (the right to bear arms), or because you once worked in a Trump administration.
You remember, don’t you? In 2022, the Canadian government ended the truckers’ protest by freezing their bank accounts.
In less than a week, the protest collapsed.
But perhaps more importantly: I see Bitcoin as a shield against the most dangerous trend of the digital age.
In both public and private sectors, a group of elites aren’t innovating—they’re seizing and controlling advanced technologies to manipulate others.
But we all know: that’s not what Bitcoin is about, and it never will be.
And you—all of you—will ensure it never becomes that.
But you know, things are different now. There’s a “new sheriff” in town.
After four years of systematic suppression and hostility from Democratic regulators, lawmakers now face a choice:
Will we lead the nation toward financial sovereignty, innovation, and prosperity,
Or will we let unelected bureaucrats and foreign competitors set the rules for our future?
I’m here today to say loudly and clearly, alongside President Trump:
Cryptocurrency finally has true champions and allies in the White House.
In our government’s view, the potential of the digital asset industry goes far beyond investment or cool technology.
It is a symbol and driver of individual freedom for American citizens.
Each of you here is a pioneer in the digitization of the American economy.
That’s why we’re doing something unusual in Washington:
We’re actually listening to you.
You solve problems, push boundaries, and drive innovation.
You bring unprecedented transparency to the business world.
So you deserve:
Transparent, clear rules, and respect and support from government,
Not interference and suppression from bureaucrats.
With that said, we must take several concrete actions.
And the first priority is simple and clear:
Clean up the wreckage left by the previous administration.
That’s exactly what we’ve been doing since Day One.
Our government’s top priority: eliminate red tape, restrictive rules, and the legal warfare targeting the crypto industry.
We’ve ended the weaponization of regulation against crypto.
To put it simply: Operation Chokepoint 2.0 is dead,
And it will never be revived under the Trump administration.
By the way, the fact that this is even controversial is astonishing.
Think about it: using government regulatory power to destroy an industry just because you disagree with its views—how could that ever be justified?
So let my words today serve as the obituary for Chokepoint 2.0.
This is my promise to every person here:
This administration will never suppress your community or deny your contributions to the economy.
We reject the Biden administration’s death-by-a-thousand-cuts enforcement tactics.
We reject the games played by so-called regulators.
Perhaps the most important thing we’ve done for this community is:
We fired Gary Gensler—and we’ll fire everyone like him.
We know people like Gensler hide behind the slogan “protecting consumers”
While destroying every effort to democratize finance.
But all of that ends now.
I’m an American born into a working-class family.
I’ve always believed America is a country where, no matter where you come from or whether you have a degree, you can succeed.
And in recent years, I can’t think of any industry that better embodies this spirit than digital assets.
Next is our second major initiative:
We are working to establish a clear, growth-supportive legal framework for stablecoins.
I know we have strong allies in Congress, like Cynthia Lummis.
Is she here today? Or did she already leave?
Last night, I was supposed to have dinner with Cynthia—we had an event, I looked everywhere for her, asking, “Where is she?”
Someone told me: “She has another dinner.”
I said: “I’m the Vice President! Unless she’s dining with the President, Cynthia has no excuse not to be here.”
(Laughter) But we all love Cynthia—she’s truly one of crypto’s strongest supporters in Congress.
I know that under Cynthia and other great legislators, Congress is pushing hard to pass a crucial bill:
The Genius Act—get it to the President’s desk ASAP.
This is a critical step.
Why?
Because regulatory uncertainty in the U.S. over the past few years has driven too many stablecoin businesses overseas.
Yesterday someone told me:
“Bitcoin has come this far despite so many headwinds over the past few years—
Just imagine how much further it could go if the government gave it a tailwind?”
Exactly.
Once the Genius Act becomes law, it will greatly expand the use of stablecoins across the U.S. as a digital payment system, serving millions of Americans.
It will also protect holders and bring greater market transparency.
I want to emphasize one point specifically:
In our administration’s view, stablecoins do not threaten the dollar’s integrity.
Quite the opposite:
We believe stablecoins are multipliers of American economic strength.
Dollar-pegged stablecoins—especially after the Genius Act passes—will only strengthen the U.S. economy and enhance the dollar’s international standing.
So we’re confident the Senate will move quickly to pass a clear version of the Genius Act,
And we hope the House follows closely behind.
And once the bill reaches the President’s desk,
President Trump will sign it into law immediately.
After that, we will fully advance our third priority:
Establishing a transparent, tailored, innovation-friendly regulatory framework for digital assets,
So that cryptocurrency can truly integrate into the mainstream economy.
In the past few days, I’ve spoken with many of you.
Despite excitement over recent progress, many expressed a persistent concern:
Crypto still isn’t fully accepted in the mainstream economy.
To that, I give you my solemn commitment:
Our entire policy reform effort is aimed at changing precisely this.
We want all Americans to know:
Crypto, digital assets, and especially Bitcoin, are already part of the mainstream economy—and they’re here to stay. [Applause]
We believe the most effective legislative path forward is:
Passing a market structure bill
Not to limit Bitcoin or digital assets,
But to support the extraordinary potential they represent.
Now, with cooperation between this Congress and this administration,
We have a once-in-a-generation opportunity
To leverage innovation to improve the lives of millions of Americans.
But if we fail to establish clear regulatory direction now,
We risk handing this $3 trillion industry over to countries with friendlier crypto policies.
President Trump will do everything in his power to prevent that.
Just think:
If we lock in smart, innovation-friendly policies today,
We can also prevent any future administration from restarting the war on the crypto community.
I know I’m running over time, but before returning to Washington,
Please allow me three final thoughts—three suggestions—from my perspective on this industry.
This is just one politician’s opinion—
Whether it’s worth one Bitcoin, you decide.
First:
I remember during my first Senate campaign in 2022,
I was one of the very few candidates who actually owned Bitcoin. And I still hold a significant amount today.
Think about it—this was 2021 and 2022.
It feels like a lifetime ago, but it was only four years back.
Back then, like many Bitcoin supporters,
I saw the regulatory disaster unfolding under Biden and Gary Gensler.
But what frustrated me was:
The entire crypto industry was almost completely disorganized politically—no resistance.
And here’s the truth:
The reason I stand here today,
The reason Bernie Moreno defeated Sherrod Brown in the Senate race,
Is because you stepped up and got involved in American politics.
I thank you for your engagement.
But learn this lesson from history:
If you don’t participate in politics,
Politics will ignore you—or worse, harm you.
You took a crucial step in 2024.
But remember: every victory is temporary.
A close friend in Silicon Valley once told me:
“The Bitcoin community believes in ‘opting out of the system,’ while the AI community believes in ‘changing the system.’”
But what I saw in 2024 was many in the crypto community choosing to “change the system.”
You chose to speak up. You chose to get involved.
I believe you changed the nation’s course.
But you must keep speaking up.
Bitcoin is called “digital gold.”
But Bitcoin is digital—you are not.
What happens in politics and bureaucracy,
No matter how valuable or disruptive a technology is,
Can still be derailed by bad decisions today.
So my first piece of advice:
Carry the momentum of your 2024 political engagement
Into 2026—and beyond.
Don’t ignore politics.
Because I guarantee you:
Politics will never ignore your community.
Second suggestion:
We must think strategically about Bitcoin’s future role.
About 50 million Americans now own Bitcoin.
Many have become wealthy, built their own fortunes—that’s good.
But I believe Bitcoin’s next phase is:
Becoming a strategic national asset for America over the next decade.
That’s why—driven by President Trump
And with the help of our brilliant AI advisor David Sacks—
We established the National Bitcoin Reserve.
We want 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’s why I keep stressing: you must stay involved.
You must continue giving us feedback—show us how Bitcoin can contribute to America’s long-term strategic development.
I know the Bitcoin Policy Institute is researching this,
But each of you should be part of this conversation.
Because none of us wants to wake up ten years from now to find our nation poorer and less free due to today’s wrong decisions.
We’ll make the right choices,
But only if—you are part of the decision-making process.
Now, the third suggestion:
You may have heard this idea:
“Cryptocurrency is essentially conservative or right-wing tech; AI is essentially liberal or authoritarian tech.”
I admit this is an oversimplification—but there’s some truth to it.
It’s been four years since I last participated in daily tech operations, since entering politics.
But I’ve noticed a pattern:
Many talented right-leaning technologists are drawn to Bitcoin,
While many talented left-leaning technologists are diving into AI.
It’s a rough categorization, but it reveals a cultural tendency.
Here’s what I want to remind you:
AI’s development will inevitably affect Bitcoin;
And Bitcoin’s fate will, in turn, influence AI.
So although this is a Bitcoin conference,
And we’re all proud of what the Bitcoin community has achieved over the past decade,
My final advice is:
You must pay attention to AI developments—and actively engage.
I don’t want AI’s evolution to negatively impact Bitcoin.
More importantly:
I don’t want AI’s evolution to undermine American national interests.
And the best way to ensure smart, visionary voices are part of the AI conversation is:
To make the Bitcoin community part of it too.
Our administration has already committed to this.
I hope you’ll join us.
Finally:
In the coming years, we’ve already done a lot for this industry—but we have even bigger plans.
For this industry, and for the millions of Americans who depend on it, we need you:
To help, to advise, to stay vigilant,
And when necessary, to apply political pressure.
So enjoy the conference this week.
But keep speaking up. Keep pushing. Together, we’ll achieve something great:
Not just for this industry,
But for individual freedom, and for the future of the United States of America.
God bless you,
And thank you for having me here.
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