Trump says US must dominate cryptocurrency sector, cites China competition

The Republican Party has promised lighter regulation for cryptocurrency, and Trump has slammed Democrats’ attempts to regulate the sector.

“If we don’t embrace crypto and bitcoin technology, China will, other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is,” Trump said.

China has cracked down on cryptocurrency and there are strict controls on capital movement across its border. But people there are still able to trade tokens such as bitcoin on crypto exchanges, and Chinese investors can also open overseas bank accounts to buy crypto assets.

Trump said he would establish a cryptocurrency presidential advisory council and create a national “stockpile” of bitcoin using cryptocurrency the US government currently holds that was largely seized in law enforcement actions.