Vice President J.D. Vance declared on Wednesday that President Donald Trumpās administration will āfireā 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 ādiminishā Bitcoinās impact on the economy and will ārejectā 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.
āInstead, we reject the Biden administrationās 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 weāre gonna fire everybody like him,ā Vance said at the Bitcoin 2025 Conference. āAnd 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.ā
WATCH:
šŗ Embedded media ā coming soon
Trumpās Labor Department rescinded guidance put in place by the Biden administration that placed barriers on investors buying cryptocurrency to put into their 401(k) plans, CNBC reported.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 āextreme careā before making cryptocurrency available to workers, citing āsignificant risks of fraud, theft, and loss,ā according to CNBC. The Trump-era labor department said that the Biden-era standard of āextreme careā is not found in the Employee Retirement Income Security Act (ERISA).
Vance, who said that crypto is improving Americansā lives, said that citizens should be permitted to āmake a fortuneā no matter their financial or educational background.
āI 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 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,ā the vice president continued.
The vice president further noted that cryptocurrency is a āhedgeā against bad policies passed by lawmakers and has transformed how Americans make transactions. He promised that crypto has a āchampion in the White Houseā under Trump and that it will remain in the mainstream.
Trumpās 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.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporterās byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contactĀ [email protected].