President Donald Trump appeared on NBC’s Meet the Press and declared his full support for cryptocurrency, calling it a matter of national interest and popular demand. The clear and direct endorsement is a big change from President Joe Biden’s regulatory approach. Speaking with host Kristen Welker, Trump backs crypto, saying:
“I’m in favor of crypto, I want crypto. I think crypto’s important because if we don’t do it, China’s going to. It’s new, it’s very popular, it’s very hot. If you look at the market… that stayed much stronger…I haven’t even looked. Biden went after it violently… then changed his tune before the election.”
The comment, made live on one of the country’s top political shows, comes as the debate over the US’s place in the global digital economy heats up. Trump’s comments aren’t just words; they coincide with a series of executive actions, regulatory appointments, and structural moves to make the US a crypto nation.
Trump’s Policy: Institutional Legitimacy for Crypto
In early March, Trump signed an executive order creating a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile to make digital assets part of the government’s national reserve strategy. The White House said assets for this initiative would come from forfeitures in federal enforcement cases, so taxpayer dollars wouldn’t fund the holdings.
A week later, Trump appointed Paul S. Atkins, a former SEC commissioner who advocated for limited regulation, as Chair of the Securities and Exchange Commission.
On May 1, Atkins said in an SEC statement:
“We are committed to distinguishing between innovation and illegality. Crypto deserves clear rules, not contradictory crackdowns.”
Crypto Czar: David Sacks Enters the White House
Trump’s ties to Silicon Valley grew stronger in April with the appointment of David Sacks, tech entrepreneur and former PayPal COO, as the White House’s AI and Crypto Czar. Sacks has long been seen as crypto-friendly and is now responsible for crypto and AI policy across the federal government.
A Washington Post profile on Sacks’ appointment said he will push for “frameworks that support innovation, not strangle it” and will start with a 90-day review of agency rulebooks governing crypto taxation, staking and token classification.
Bashing Biden’s Record: “He Went After It Violently”
In his NBC interview, Trump didn’t hold back on former President Joe Biden’s crypto regulation approach.
“I don’t know if you know that Biden went after it violently, and then before the election, he changed his tune entirely—his head of the SEC, everybody—changed their tune,” Trump said. “You know why? Because there were hundreds of millions of people that are participating in crypto, and they wanted to get their votes. But it didn’t work.”
Under Biden, the SEC has launched over 50 enforcement actions against crypto companies, including big-name lawsuits against Coinbase, Binance, and Ripple Labs. Trump’s campaign has repeatedly attacked these moves as bad for U.S. innovation and has vowed to “stop the SEC from weaponizing against technology.”
Trump, $TRUMP Coin, and the Ethics Debate
Trump’s crypto ties also include a more controversial chapter: $TRUMP, a meme token created by anonymous devs and heavily promoted among his base. Although Trump denies any involvement or financial gain, the coin is used as a fundraising and engagement tool.
According to news sources, $TRUMP holders get access to exclusive campaign events, including private dinners and receptions. Trump says he’s “not profiting from anything,” but critics say the setup skirts ethics.
A recent AP News investigation found the token generated at least $10 million in trading volume in April alone. Trump’s team says they don’t control the token but “appreciate grassroots crypto support.”
Industry Reacts: Welcome Move, But Questions Remain
The crypto community is welcoming Trump’s comments and actions. Blockchain Association’s Kristin Smith said the administration’s tone has “stabilized industry sentiment after two years of regulatory overreach.” She added, “We now have a seat at the table.”
Not everyone is happy though. Public Citizen’s ethics director Lisa Gilbert says, “Trump’s campaign is using crypto for political gain in ways that blur the lines between policy and promotion,” and wants “immediate transparency around all digital asset-related financial activity.”
Skeptics like Senator Elizabeth Warren also warn of “crypto being used as a political and financial backchannel.” At a recent hearing, she cited ongoing concerns over unregulated campaign donations via digital assets.
The Bigger Picture: U.S. in the Global Crypto Race
The May 4 interview is the latest in a series of moves that show Trump backs crypto and sees it as a competitive advantage globally. His comment: “If we don’t do it, China’s going to”, reveals growing concern that the U.S. is falling behind as other countries, including Hong Kong, Singapore and the UAE, are working on crypto-friendly regulations.
With over 420 million global crypto users and trillions in market cap, crypto is no longer niche.
FAQs
What did Trump say about cryptocurrency on national TV?
He said “I’m in favor of crypto” and emphasized it’s for U.S. competitiveness and popular demand. He said it on May 4 on NBC’s Meet the Press.
What is the Strategic Bitcoin Reserve?
Established by executive order in March 2025 it allows the federal government to hold Bitcoin and other digital assets seized from criminal cases as part of its national reserve.
Who is David Sacks and what is his role?
David Sacks is the White House’s AI and Crypto Czar, in charge of federal crypto and AI policy.
Is Trump financially involved in crypto?
Trump says he doesn’t profit from crypto but has benefited from political fundraising tied to the meme token $TRUMP, used to grant supporters access to exclusive events.
What are the criticisms of Trump’s crypto policies?
Critics say his policies mix politics with unclear ethics and no transparency, especially around crypto in campaign fundraising.
Glossary
Crypto Support: Public or institutional endorsement of cryptocurrency use, investment and policy advancement.
Strategic Bitcoin Reserve: U.S. federal initiative to hold Bitcoin and digital assets as part of national reserves.
$TRUMP Coin: Meme token named after Donald Trump, promoted by supporters and used in unofficial fundraising efforts.
SEC (Securities and Exchange Commission): Federal agency responsible for enforcing securities laws, currently central to crypto regulation debates.
Crypto Czar: Unofficial title for a senior policymaker in charge of digital asset and AI policy across federal agencies.
References
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