Speaking at 1 p.m. ET on Wednesday, the first day of the two-day America Business Forum in Miami, Florida, President Donald J. Trump urged the United States to embrace cryptocurrencies and outlined an ambition for American leadership. “We are here… to embrace a vital industry here in Miami,” he said.
Trump described his administration as reversing the hostility in Washington: “I also signed historic executive orders to end the federal government’s war on cryptocurrencies. Cryptocurrencies were under siege. They are no longer under siege.”
He argued that the sector is sizable and backed by business leaders: “Because it’s a big industry. It’s a big industry, and I have a lot of people who are great people, great entrepreneurs. They’re in other businesses, but they’re also in cryptocurrencies.”
He linked digital assets to the US currency: “And it takes a lot of pressure off the dollar. It does a lot of good things, but we like it.” He contrasted his stance with that of the previous administration: “Biden was cruel to cryptocurrencies. They were going after these crypto guys. It was terrible. They were under indictment.” (Trump then veered into his own legal battles, which had nothing to do with cryptocurrencies.)
Trump framed the goal as national leadership: “We’re making America the Bitcoin superpower, the crypto capital of the world,” and tied his tech message to AI by calling the United States “the undisputed leader in artificial intelligence.”
Looking abroad, he warned of competitive pressure: “And don’t forget that if we don’t do cryptocurrencies right, China… China wants to do it. They’re starting out, but they want to do it. Other countries want to do it. If we don’t do it right, it’s a big industry.”
His comments in Miami emphasized positioning over new details; He did not announce new timelines or agency directives.
This year, the White House took steps consistent with that stance, including creating a Strategic Bitcoin Reserve and a US Digital Asset Reserve using coins obtained through federal seizures and forfeitures; However, there have been no government purchases of bitcoins.
A stablecoin framework advanced through the GENIUS Act, signed into law on July 18, while broader market structure legislation continues to advance. Trump’s team also rejected a US central bank digital currency, presenting crypto policy as compatible with the primacy of the dollar.
