Vice President J.D. Vance declared on Wednesday that President Donald Trump’s administration will “fire” all Biden-era regulators who added barriers to cryptocurrency and prevented it from entering the mainstream.
The Trump administration has looked into easing regulations on cryptocurrency and making it more accessible to Americans, prompting the vice president to promise that the administration will never “diminish” Bitcoin’s impact on the economy and will “reject” its regulators. He praised the exit of Securities and Exchange Commission (SEC) chair Gary Gensler at the beginning of the administration and vowed to fire more Biden-era regulators.
“Instead, we reject the Biden administration’s legacy of death by 1,000 enforcement actions. We reject regulators. Maybe the most important thing we did for this community, we reject regulators and we fired Gary Gensler and we’re gonna fire everybody like him,” Vance said at the Bitcoin 2025 Conference. “And we know that people like Gary Gensler and the game that they played, that under every pretense of consumer protection, they attacked every single effort to democratize our financial markets and that is over.”
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Trump’s Labor Department rescinded guidance put in place by the Biden administration that placed barriers on investors buying cryptocurrency to put into their 401(k) plans, CNBC reported.
The Biden administration told employers to exercise “extreme care” before making cryptocurrency available to workers, citing “significant risks of fraud, theft, and loss,” according to CNBC. The Trump-era labor department said that the Biden-era standard of “extreme care” is not found in the Employee Retirement Income Security Act (ERISA).
Vance, who said that crypto is improving Americans’ lives, said that citizens should be permitted to “make a fortune” no matter their financial or educational background.
“I grew up in a working class family, I believe America is a place where anyone should be able to make a fortune no matter where you grew up [or] what degree you may or may not have. And in recent years, I am hard pressed to think of a better place to do so than in the digital assets industry,” the vice president continued.
The vice president further noted that cryptocurrency is a “hedge” against bad policies passed by lawmakers and has transformed how Americans make transactions. He promised that crypto has a “champion in the White House” under Trump and that it will remain in the mainstream.
Trump’s media brand announced a $2.5 billion Bitcoin investment on Tuesday after hosting its top buyers at his gold club in Virginia during the week prior, according to CNBC.
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