Washington legislators are rapidly advancing two bills: one targeting stablecoin regulation and another to establish rules for the entire cryptocurrency industry.
Vance also vowed on Wednesday to dismiss regulators like former SEC Chairman Gary Gensler in the Trump administration.
US Vice President J.D. Vance urged the advancement of digital asset regulatory legislation, warning that inaction could lead to the outflow of trillions of dollars in capital. The current legislative process is facing resistance, partly due to Trump's cryptocurrency associations.
Vance stated on Wednesday at the "Bitcoin 2025" conference in Las Vegas that a "market structure bill that does not restrict cryptocurrencies" is needed to "ensure cryptocurrencies become part of the mainstream economy".
"If we cannot establish a clear regulatory framework now, this $30 trillion industry might flow out seeking a more friendly regulatory environment. President Trump will do everything to prevent this from happening," Vance said. "By establishing wise, innovation-supporting rules, we can also ensure that the Democratic Party or other forces can never wage war on the crypto community again."
Washington legislators are accelerating two legislative efforts: one targeting stablecoin regulation and another to establish rules for the entire cryptocurrency industry. However, the Trump family's cryptocurrency involvement is complicating legislation - Trump launched a personal meme coin with his wife Melania before his inauguration, and his supported World Liberty Financial recently issued a stablecoin.
This month, the Senate stablecoin bill was temporarily suspended due to Democratic Party concerns, with disputes including foreign issuer clauses, anti-money laundering standards, potential risks of corporate stablecoin issuance, and Trump's increasingly close association with crypto projects (including newly launched stablecoins). The bill was ultimately advanced through a "cloture" procedural vote, with a digital asset regulatory hearing scheduled in the House on June 4th.
"You're fired"
Vance also vowed on Wednesday that the Trump administration would dismiss regulatory officials like former SEC Chairman Gary Gensler. The president has the power to replace federal agency heads, but with certain limitations. According to NBC News, the US Supreme Court recently ruled that the Trump administration can dismiss independent federal agency members, but suggested this does not apply to the Federal Reserve.
Gensler had already left office before Trump's inauguration in January. The new SEC chairman, Paul Atkins, appointed by Trump, plans to adopt a new strategy for the agency's cryptocurrency regulation.
"Perhaps the most important thing we can do for the crypto community is to reject such regulators - we fired Gary Gensler and will fire everyone like him," Vance stated on Wednesday.
Vance also briefly mentioned his personal Bitcoin holdings. Previous financial disclosure documents showed that the vice president held Bitcoin worth up to $500,000 before taking office. "I still hold quite a lot of Bitcoin," he said.
