Compiled by | Odaily Planet Daily (@OdailyChina)
Translator | Ethan (@ethanzhangweb3)_
Translator's Note: This speech is an important address by U.S. Vice President Vance at the Bitcoin 2025 conference, showcasing a distinct political stance and reflecting the current U.S. government's policy attitude and strategic considerations regarding digital assets, Bitcoin, and decentralized finance. The speech covers topics such as criticism of the previous administration's regulatory approach, the new government's focus (such as ending the "Operation Chokepoint" regulatory strategy), promoting the GENIUS Act legislation, clarifying the regulatory framework for stablecoins, and establishing Bitcoin as a strategic national asset. This speech not only reflects the shift in cryptocurrency discourse within current U.S. politics but also demonstrates the collective power of the Bitcoin community in shaping policy. It is not just a policy speech but also a political mobilization call.
Note: To retain Vance's original language style, speech rhythm, and emotional expression while ensuring readability, the text has been moderately polished and structurally adjusted during translation. Policies, names, and terms quoted in the text have been kept as close to their original meaning as possible, with some annotated explanations (such as "Operation Chokepoint 2.0," "GENIUS Act," etc.).
Opening Remarks
Thank you, thank you all. First, I want to say thank you… Please, everyone, take a seat. Thank you all.
You know, the Secret Service is a bit on edge right now because I told them: these Bitcoin supporters not only love guns, they really love America, so rest assured.
I want to especially thank David Bailey; I remember everything you have done for the Bitcoin community. I especially appreciate your efforts for me and the President; it was you who helped us transition from the campaign to the White House. In the past 120 days, we have accomplished a lot of beneficial things, and none of this would have been possible without your support.
I also want to thank the Winklevoss brothers—Tyler and Cameron, who should also be here today. I must say, they really helped us break the silence in Silicon Valley.
If you remember, back in June or July of last year—though it feels like a long time ago, it was actually less than a year. At that time, in Silicon Valley, people were only whispering privately, indicating they might support President Trump, saying the Democrats were too crazy and that Gary Gensler needed to be ousted. But at least before that, they didn't dare to speak out publicly.
Until Tyler and Cameron stepped up and led the charge, I believe they were among the first big names in Silicon Valley to openly support Trump. After that, a whole wave of people followed suit.
So, thank you, Tyler and Cameron.
Tribute
And to the friends at Coinbase, the event organizers, and everyone who made this gathering possible—it's truly an honor to be here. Especially as Bitcoin prices soar to $108,000, at least that's the price I saw this morning.
As the Vice President of the United States, it is my honor to be with such a vibrant group of people. I mean, guys, you must have partied late last night in Las Vegas, but you still showed up on time at 9 AM today; that's some serious energy!
I swear I'm not saying this just to gain online popularity, but I genuinely believe this is not just a conference.
This is not an ordinary meeting; this is a movement. I am proud to stand among you today.
Main Points of the Speech
This movement will determine the future of cryptocurrency in America. Let’s be clear: this future will be decided by you, not by unelected bureaucrats.
Many of my colleagues from the Trump administration are here today, including David, Bo, and Hester; I know you are present. I am very pleased to gather with so many friends and allies.
I want to take a few minutes to talk about:
The progress our government has made in digital asset policy;
The guiding principles behind these policies;
And my personal optimism about the future of cryptocurrency.
Discussing Technology and Innovation
Many people ask me why I am so optimistic about America's innovation prospects.
I have spent enough time in Silicon Valley to know the difference between good technology and bad technology; good technology enhances productivity, enriches our lives, connects us more closely to the real world, and empowers us, while bad technology tries to disconnect us from the real world.
When it comes to cryptocurrency, I believe it has clearly proven itself in recent years as a true foundational innovation that is improving the lives of tens of millions of Americans.
As far as I know, 50 million Americans own Bitcoin, and I believe that number will soon grow to 100 million.
But this is not just about Bitcoin; it’s not just about wealth accumulation. Cryptocurrency has changed the way Americans transact with each other, opening financial doors for those who previously had no bank accounts.
I see new applications of blockchain technology every day: whether in supply chain management, hospital management, or storing patients' private health records.
The Core Value of Crypto
And beneath all these new applications, I see a core value of crypto: it is a tool for risk mitigation.
It is a hedge against Washington's bad policies;
It is a hedge against soaring inflation—over the past four years, Americans' real savings rate has been severely eroded;
It is also a hedge against private sector censorship—such as refusing to provide banking services to gun rights advocates or freezing funds for protests in Canada;
Most importantly, it is a hedge against the elite class that seeks control rather than innovation.
And we all know: Bitcoin is not like that. Bitcoin will never be like that. You will ensure it never is.
Policy Shift
Everyone knows that there is a new leadership after the transition. Over the past four years, we have witnessed the hostility and suppression from Democratic regulators. But now, America has a choice: to move towards financial sovereignty, innovation, and prosperity, or to let unelected bureaucrats, even foreign competitors, set the rules for us.
I stand here today to loudly and clearly tell you: President Trump and our administration are the true advocates and allies of the crypto industry in the White House.
We understand the full potential of digital assets—not just as investment vehicles or tech trends, but as catalysts for the freedom of every American.
Government's Attitude Towards Innovators
That is why our government is doing something rare in Washington, D.C.: listening to the voices of innovators like you.
You all deserve: clear rules; transparent policies; and most importantly, you should be respected and supported by the government, not suppressed and vilified.
This means we need to take some concrete actions.
Clearing Industry Development Barriers
First and foremost: we must clean up the mess left by the previous administration. From day one, we have been committed to eliminating bureaucracy, legal harassment, and administrative intimidation.
In simple terms, the "Chokepoint 2.0" operation to "cut off bank accounts for the crypto industry" has been completely terminated, and under the Trump administration, it will never return. We have discarded the tradition of "ignoring the rules." Yes, we fired Gary Gensler—we will continue to fire those who attack this community.
We want to assure every friend present: we will not suppress you, we will not hinder you, we will not undermine your positive impact on the economy.
Stablecoin Policy and the GENIUS Act
The second key policy: we are establishing a clear and scalable regulatory framework for stablecoins.
Special thanks to Sen. Cynthia Lummis, who is a steadfast supporter of you in Congress. She is pushing for the passage of the GENIUS Act, which will bring key breakthroughs in stablecoin legislation. Many stablecoin projects have been forced to move overseas due to unclear U.S. regulations. We hope to change that.
Stablecoins will not threaten the dollar's status—in fact, they will be the new engine for the dollar. Let me be clear: President Trump will sign the bill the moment it reaches his desk.
Mainstreaming Legislation
The third point is that we are developing a suitable and innovation-friendly regulatory framework that truly integrates digital assets into the mainstream economy.
I know many people are still worried that cryptocurrency cannot be accepted by the mainstream. Let’s change that perception.
What can truly lock in this process is legislation: a clear market structure bill that ensures cryptocurrency will not be suppressed or marginalized for decades to come.
If we do not act now, America will lose leadership in this $30 trillion industry.
President Trump will not let that happen.
Conclusion and Three Suggestions
Time is running out, but before I return to Washington, I want to leave you with three suggestions:
First, continue political engagement. Cryptocurrency is digital, but we are not. If you ignore politics, politics will cause you trouble. You raised your voices in 2024, and you must continue to do so in 2026 and beyond.
Second, start thinking long-term. Bitcoin is a strategic asset for America. So we should consider: should we double down on Bitcoin?
Third, pay attention to the development of AI. While many right-wing tech leaders lean towards Bitcoin, and many left-wing tech leaders lean towards artificial intelligence, they are not two separate worlds. The development of AI will impact cryptocurrency, and vice versa.
We need Bitcoin to have a voice in the AI dialogue to protect innovation and freedom.
Closing Remarks
Our government promises you: I hope you will continue to support us and this cause.
We need your help, guidance, and encouragement, and sometimes we need your pressure.
So, enjoy this week, but also keep the pressure on.
We will work together to make great contributions to this industry, to financial freedom, and to the United States of America.
God bless you, and thank you for having me.
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