Donald Trump has once again shown his support for cryptocurrencies, positioning it as a key part of a broader strategy to prevent China from dominating emerging technologies.
He indicated that he sees crypto as a critical area to maintain American dominance and prevent China from gaining control.
“I’m a big fan of crypto because I want to keep it away from China,” Trump said on Sunday evening, addressing the issue while returning to the White House from Palm Beach, Florida.
His comments come amid a rising tide of competition between the US and China, particularly in the fields of artificial intelligence, blockchain and other technological advancements.
Trump Speaks Out Against China’s Potential Control of Crypto
Trump added that crypto is “a whole new thing that started, you know not so long ago,” further showing the sector’s rapid rise. He expressed concern that China’s growing influence in technology could extend into cryptocurrency unless the US actively counters this trend.
“I’m very much in favor of crypto because otherwise China is going to take it over,” he warned.
Trump’s SEC Task Force Aims to Ease Crypto Regulations
In January, under Trump’s leadership, the SEC created a crypto task force aimed at reducing regulatory barriers for the industry. This move was part of a broader effort to foster growth and innovation within the sector.
Additionally, Trump appointed former PayPal COO David Sacks as the AI & Crypto Czar, a key role focused on developing a clear and comprehensive regulatory framework, something that the crypto industry has long been advocating for.
China’s interest in cryptocurrency, particularly its state-backed digital yuan, has spurred concern in Washington. Experts argue that Beijing’s growing efforts in digital currency could potentially give China unprecedented control over global financial systems.
As such, Trump’s endorsement of cryptocurrency has become a symbol of resistance against China’s ambitions.
Trump’s remarks also reflect a broader concern about Chinese dominance in industries critical to global economies. He has often criticized China for its aggressive strategies in fields like artificial intelligence, 5G, and now, cryptocurrency.
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