President Donald Trump used an Oval Office event Monday to defend his administration’s embrace of cryptocurrency, arguing that the United States must remain ahead of global competitors while highlighting what he described as a dramatic shift in the federal government’s treatment of the industry.
The remarks came as the president faces renewed scrutiny over his reported earnings from cryptocurrency ventures since returning to the White House.
According to a report published Sunday by The New York Times, nearly one million people who purchased the $TRUMP memecoin collectively lost $3.81 billion, while Trump personally earned more than $600 million from sales of the digital token. The report also said Trump disclosed earning an additional $800 million in 2025 from World Liberty Financial, a cryptocurrency venture he co-founded with his sons.
The report further stated that after Trump began promoting cryptocurrency during the 2024 campaign, “he and appointees have curtailed regulatory oversight of the industry, including policies related to memecoins.”
Speaking from the Oval Office, Trump defended his administration’s support for cryptocurrency and argued that failing to embrace the industry would allow China to gain an advantage.
“We’re leading China by a lot. We’re leading everybody. Crypto is the same thing. If we didn’t do it, China would do it,” Trump said. “It’s a massive industry.”
The president contrasted his approach with that of former President Joe Biden, claiming Biden initially opposed cryptocurrency before later changing course.
“When I went very pro-crypto — as you know, Biden was totally against it, but he has no idea what crypto is. He didn’t have a clue,” Trump said. “They were very violently against it. They were putting people in jail! What they were doing to the crypto was horrible. It’s amazing it survived that onslaught. It was a weaponization of government.”
Trump went on to argue that cryptocurrency has a large following and described it as an important industry.
“I think it was 100 million people. That’s a big industry,” he said.
The president also criticized the former leadership of the Securities and Exchange Commission while praising current SEC Chairman Paul Atkins.
“Their head of the SEC was horrible. Unlike Paul, who’s really good. I mean, he’s the best man for the job,” Trump said. “What he was doing to crypto. They were putting good people in jail… Good people. Great, prestigious people, they were putting them in jail.”
Trump further claimed that the Biden administration ultimately softened its stance toward cryptocurrency during its final months in office.
“They dropped all investigations of everybody,” Trump said. “They allowed people to come out of jail, and every time I see a crypto guy where they dropped an investigation I said, ‘You are lucky I’m president!’ because, I don’t know if you know it, the Biden administration became totally pro-crypto that last couple of months.”
The president closed by rejecting the idea that his support for cryptocurrency was driven by personal financial interests, despite the reported earnings from crypto ventures.
“Crypto has a tremendous audience. So, yeah, I’m very much for crypto,” Trump said. “Because, It’s not a question of a personal thing. Because I let my kids do whatever the hell they do, they can do. I don’t talk to them — ever — talk to ’em about it. I’m allowed to, I think. I’m allowed to, but I don’t bother, because this office is a much higher calling.”
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