Trump Doubles Down on His Pro-Crypto Stance, Declaring, “I Want Crypto”

President Donald Trump has doubled down on his pro-crypto stance, warning that if the U.S. doesn't lead, "China is going to."

President Donald Trump has once again voiced his support for crypto, urging the U.S. to take the lead in the digital asset domain or risk being overtaken by China.

During a recent interview with NBC News’ Meet the Press, Trump expressed his enthusiasm for crypto, stating, “I want crypto.”

His comments come as the Biden administration faces pressure from both Democratic and Republican senators to soften its stance on crypto.

Earlier this year, the administration officials began making public statements about a potential framework for regulating stablecoins and other digital assets.

This shift in tone follows months of criticism from senators like Elizabeth Warren (D-MA) and Adam Schiff (D-CA), who slammed the administration for its initial hawkish approach to crypto.

The senators argued that the administration's actions were purposefully designed to help Biden in the 2024 election by catering to his political base.

Furthermore, they saw it as a hindrance to the U.S.'s efforts to remain competitive with China, which has been rapidly advancing its own central bank digital currency (CBDC).

However, Trump's support for crypto began long before his current presidential run.

In 2019, he expressed skepticism towards Bitcoin, questioning its use for illegal activities.

"I don't want to use Bitcoin. I never liked Bitcoin. It's very volatile. You don't know what's going to happen with Bitcoin. It can go up, it can go down. It's like a currency, but it's not a currency, it's not a stable currency," Trump said at the time.

He added that he was not a fan of cryptocurrencies, but he preferred the U.S. dollar.

"I'm not a fan, to be honest with you. I prefer the good old fashioned dollar to be negotiated in some form, to get a good trade deal."

At the time, his comments came in response to a question about whether he would accept Bitcoin as payment for U.S. goods and services.

The president's remarks come as the administration is reportedly planning to propose a new regulatory framework for stablecoins and other digital assets.

The proposals, which are still in draft form and subject to change, would create a licensing regime for stablecoin issuers and set out rules for anti-money laundering and consumer protection in the digital asset sector.

They would also establish a framework for the development of a U.S. CBDC.

The administration is aiming to complete the proposals by the end of the year.

Trump's stance on crypto stands in contrast to that of the Biden administration, which has initially taken a more cautious approach to the digital asset domain.

However, recent statements by administration officials suggest a softening of this stance, with officials now working on a framework for regulating stablecoins and other cryptocurrencies.

This shift in tone follows months of criticism from Democratic and Republican senators, who slammed the administration for its initial hawkish stance on crypto and saw it as an effort to help Biden win the 2024 election.

The senators, including Elizabeth Warren and Adam Schiff, argued that the administration's actions were purposefully designed to cater to Biden's political base and would ultimately hinder the U.S.'s efforts to remain competitive with China, which has been rapidly advancing its own CBDC.

But Trump's support for crypto began long before his current presidential run.

In 2019, he expressed skepticism towards Bitcoin, questioning its use for illegal activities and stating his preference for the U.S. dollar.

"I don't want to use Bitcoin. Never liked Bitcoin. What's he talking about, Bitcoin? I don't think so," Trump said at the time.

"Bitcoin, they say it's used for illegal activities, and it's very, very unstable. I prefer the good old fashioned dollar to be negotiated in some form, to get a good trade deal."

His comments came in response to a question about whether he would accept Bitcoin as payment for U.S. goods and services.

The president's remarks come as the administration is reportedly planning to propose a new regulatory framework for stablecoins and other digital assets.

The proposals, which are still in draft form and subject to change, would create a licensing regime for stablecoin issuers and set out rules for anti-money laundering and consumer protection in the digital asset sector.

They would also establish a framework for the development of a U.S. CBDC.

The administration is aiming to complete the proposals by the end of the year.