President Donald Trump told cryptocurrency figures they were 'lucky I'm president' as he claimed the Biden administration quietly retreated from a crypto crackdown after 'getting killed' politically in the run-up to the election.
Speaking on Monday at an Oval Office event to promote Trump Accounts, a new investment programme for children, Trump used the appearance to contrast his administration's approach to crypto regulation with what he described as a more punitive strategy under former President Joe Biden.
Trump Claims Biden Relented On Crypto Crackdown
'They were putting good people, great prestigious people, they were putting them in jail. They were trying to destroy the industry,' Trump said. 'Then all of a sudden, about three months before the election... they became totally pro crypto because they were getting killed.'
View this post on Instagram
Trump said he had since seen cryptocurrency figures affected by the regulatory shift, claiming, 'Every time I see a crypto guy where they dropped an investigation, I say, "You're lucky I'm president."'
Trump also claimed that some people had been released from jail, though he did not identify any individuals or specify which cases he was referring to.
How Crypto Rules Shifted After Trump Returned
The remarks came as US regulators have taken a different approach to cryptocurrency since Trump returned to office. Under former Securities and Exchange Commission Chair Gary Gensler, the SEC pursued enforcement actions against several major crypto companies, arguing that some digital assets and related services fell under existing securities rules.
After the change in administration, the SEC moved to close or pause several crypto-related investigations and lawsuits, including cases involving companies such as Coinbase, Kraken, Consensys and OpenSea. Under new leadership, the SEC has taken a more accommodative approach towards crypto companies compared with the enforcement-focused strategy pursued during the Biden administration.
The regulatory shift has been closely watched by crypto companies, which had argued during the Biden administration that enforcement actions created uncertainty around how digital assets should be classified and regulated. The SEC's change in direction has signalled an effort by the Trump administration to encourage growth in the sector, although questions remain over how future rules will balance innovation with investor protection.
Why Trump Says Crypto Is Strategically Important
Trump said his support for cryptocurrency was driven by competition with China, arguing that the United States risked losing leadership in the sector if it failed to embrace the technology. 'I've become a big crypto guy only for one reason,' Trump said. 'If we don't have it, China's going to have it.'
He described crypto as a 'tremendous industry' and said the US needed to maintain its position in innovation, investment and financial technology.
Trump previously expressed scepticism towards cryptocurrencies before later backing the sector as a strategic industry.
Questions Over Trump's Crypto Policy And Family Ties
The president's comments also come as his administration's crypto agenda faces scrutiny over the overlap between public policy and his family's involvement in digital assets. Trump and members of his family have been involved in several crypto ventures
The White House has argued that its approach is aimed at encouraging innovation, investment and US competitiveness in financial technology. Trump's comments on Monday reflected that strategy, presenting cryptocurrency as an area of economic competition between the US and China.
