Vice President JD Vance calls for crypto market structure bill, blasts anti-crypto regulators

Bitcoin (BTC) trades around $107,000 on Wednesday following a session by United States (US) Vice President JD Vance at the Bitcoin Conference in Las Vegas, where he highlighted the importance of passing a crypto market structure bill. He also emphasized that Bitcoin and cryptocurrencies serve as a hedge against inflation and bad policies.

US Vice President JD Vance speaks at Bitcoin Conference

The Bitcoin Conference, held in Las Vegas, featured Vice President JD Vance, who discussed several key issues that could help boost the cryptocurrency industry in the United States.

Vance stated that the most effective way to secure crypto's place in the US mainstream economy is through the passage of a comprehensive regulatory framework, such as a crypto market structure bill. 

He mentioned that establishing clear rules would not only legitimize the industry but also safeguard it against potential policy reversals by future administrations. The US risks driving the $3 trillion market offshore without such protections, Vice President Vance said.

He also emphasized that crypto serves as a hedge against rising inflation, discrimination from the private sector and poor policy decisions at the federal level.

"Crypto is a hedge against bad policymaking from Washington, no matter what party is in control," he said.

He shared that the Trump administration acknowledges the impact that crypto has had on the financial freedom of American citizens, highlighting that the President is an "ally" for crypto at the White House. Vance revealed that a major reason for creating the Bitcoin reserve was to "put in motion the strategic importance of Bitcoin for the United States."

This follows the Trump administration's effort to "make America the crypto capital of the world." Trump established a Cryptocurrency Working Group in January and signed an executive order for a strategic Bitcoin reserve in the United States. The President also hosted a first-ever White House Crypto Summit and has spoken at different crypto-related conferences. Several anti-crypto regulations have also been reversed since Trump's inauguration in January.

Vance also stated that the government plans to end federal laws and remove regulators targeting the crypto industry, citing the resignation of former SEC Chair Gary Gensler.

"We fired Gary Gensler and we are going to fire everybody like him," Vance stated.

While addressing stablecoins, Vance said that the government does not view stablecoins as a threat to the US Dollar's integrity but rather as a "force multiplier of our economic might." He spoke on the GENIUS bill and how the Senate is working hard to ensure it reaches the President's desk.

Vance is not the only government official at the Bitcoin Conference. On Tuesday, Senator Cynthia Lummis shared with participants the impact a Bitcoin reserve would have on the economy and also highlighted the need for a crypto market structure bill.