President Donald Trump said he wants to ensure the United States remains the world leader in crypto, warning that China is trying to seize control of the industry.
Trump Says U.S. Must Stay Ahead of China
In an interview on CBS on Sunday, Trump said crypto has become a "massive industry" and a key part of his economic agenda.
He said his campaign supported digital assets "very openly" while former President Joe Biden had initially opposed them.
"When Biden found out I was getting nearly all the crypto vote, he switched totally," Trump said.
He added that Biden's late support "didn't work," claiming voters backed his pro-crypto stance.
Trump said he wants crypto and artificial intelligence to remain under American leadership.
"You're going to have number one, and you're not going to have a number two," he said.
"I want to make crypto great for America. I don't want China to be number one. China is getting into it very big", he added.
What Trump Didn't Mention About China's Role
Trump's remarks arrive as China's government remains officially opposed to private cryptocurrency trading.
Although the country was once the world's largest Bitcoin (CRYPTO: BTC) mining hub, Beijing issued multiple restrictions between 2013 and 2021 that ultimately banned all crypto transactions and mining.
The People's Bank of China formally declared all digital-asset trading illegal in September 2021, and providing such services to Chinese citizens from abroad is also prohibited.
Before the crackdown, Chinese miners accounted for more than 70% of global Bitcoin hashrate, according to the Cambridge Centre for Alternative Finance.
That figure collapsed after 2021 as operators relocated to the United States and other regions.
The shift made America the new center for Bitcoin mining — a position that supports Trump's claim of U.S. leadership.
Crypto Policy Emerges as Election Talking Point
Trump has tied crypto development to national competitiveness, calling it essential for job creation and innovation.
His administration has introduced proposals to simplify tax treatment, clarify stablecoin rules, and attract mining investment.
The goal is to strengthen the United States' position as the global hub for digital-asset growth.
China's position on crypto remains unchanged since its 2021 ban.
Beijing continues to expand its state-run digital yuan while blocking private cryptocurrency activity.
The divide underscores how the U.S. encourages market-driven participation, while China maintains strict central control.
Read Next:
Image: Shutterstock
