JD Vance tells bitcoin conference that stablecoins don't threaten the dollar

Months after a successful campaign for the White House that was heavily funded by the crypto industry and less than a year after then-candidate Donald Trump spoke at Bitcoin 2024 in Nashville, Tennessee, Vance reiterated the message that the Trump-Vance administration is pursuing a decidedly pro-crypto agenda.

Stablecoins, which are designed to have a stable value against a non-crypto asset, usually the U.S. dollar, are a big topic at the moment as Republicans attempt to pass the GENIUS Act, a bill that would regulate the digital asset. The legislation was cleared a key procedural vote in the Senate last week, due to support from 15 Democrats, but still could face an uphill battle in the House, which has its own proposed bill for stablecoin regulation.

David Sacks, President Trump's top crypto and AI advisor, told CNBC last week that the market is flush with over $200 billion in stablecoins that are unregulated, and that a legal framework "could create trillions of dollars of demand for our Treasuries practically overnight."

Democrats previously rejected the GENIUS Act in part on concern that President Trump's personal cryptocurrency ventures, including his own meme coin and a stablecoin from his family's crypto business, created an unprecedented conflict of interest.

Vance didn't address that issue on Wednesday from the stage at the Venetian, but he did joke that he wasn't just complimenting the crowd to "juice my own meme coins." Rather, he focused on the value in legitimizing stablecoins.