President Donald Trump has renewed his attack on the Biden administration’s crypto policy. He said the previous government launched a harsh campaign against the digital asset industry. Trump also warned that the crackdown nearly gave China a big edge in next-generation finance.
Trump made the comments during a White House event in July 2026. He said the Biden administration ran an “onslaught” against crypto companies. He accused the former administration of “weaponizing the government” against the crypto industry and said its enforcement actions had put crypto figures in legal jeopardy.
Trump blames Biden for “vicious” crypto policy
Trump has used strong language to describe the Biden-era approach to digital assets. He called Biden “vicious on crypto” in earlier remarks. He said regulators went after crypto figures and put some under indictment.
The SEC under Biden took an aggressive enforcement approach toward several crypto firms. Officials filed enforcement actions against several major companies. Industry groups said the approach created uncertainty about how digital assets should be classified.
Trump’s administration changed that approach. The SEC dropped crypto from its 2026 list of examination priorities. This marked a shift away from the tougher enforcement seen under the previous administration.
The China argument behind Trump’s crypto push
Trump has repeated one core argument since his 2024 campaign. He says the United States must lead in crypto or risk losing ground to China. “If we don’t have it, China’s going to have it and they would like to have it,” Trump said in remarks about the industry.
He has tied crypto to broader competition with China in technology. Trump often compares the crypto race to the race for artificial intelligence leadership. He argues that countries which build key financial and computing infrastructure keep long-term influence.
Trump has also claimed Biden only softened his stance on crypto for political reasons. He said Biden shifted “when he found out I was getting nearly all the crypto vote.” Trump argues that shift came too late to matter with voters.
What the record shows on China and crypto
Trump has repeated the claim that China wants to dominate crypto. Reports note this claim lacks clear supporting evidence. China has banned domestic crypto transactions since 2021.
Hong Kong operates under a separate, more open system for digital assets. The territory recently eased rules for licensed trading platforms. This allowed easier connections with global crypto exchanges.
The gap between Trump’s warnings and China’s actual policy remains wide. Beijing has not signaled a shift toward embracing crypto on the mainland. Any Chinese activity in the space runs largely through Hong Kong’s separate framework.
Trump’s own ties to the crypto industry
Trump has built significant personal wealth from crypto ventures since taking office. Financial disclosures show Trump has generated substantial income from crypto-related ventures, including his memecoin and a stake in a crypto company linked to his sons.
The president has also pardoned several high-profile figures from the crypto world. These include Silk Road creator Ross Ulbricht and Binance founder Changpeng Zhao. Some of the executives from BitMEX also received pardons.
Not everyone involved in major crypto-related criminal cases has received a pardon. Tornado Cash developers Roman Storm and Roman Semenov also remain unexonerated.
Trump’s broader crypto agenda
Trump has repeatedly said he wants the United States to become the “Bitcoin superpower.” He signed an executive order creating a Strategic Bitcoin Reserve in March 2025. His administration has also pushed regulators to adopt friendlier crypto rules.
Trump has called on the Senate to pass crypto-related legislation. The proposed rules would offer clearer protection for developers of non-custodial crypto tools. The bill remains under discussion in Congress.
FAQs
What did Trump say about Biden and crypto?
Trump said the Biden administration ran a harsh crackdown on the crypto industry. Trump accused Biden’s team of using aggressive government enforcement against the crypto industry and argued that the approach hurt America’s position in the global crypto race.
Did the Biden administration really crack down on crypto?
The SEC pursued enforcement actions against several major crypto firms during the Biden administration, creating uncertainty around U.S. crypto regulation.
Is China actually taking over crypto, as Trump claims?
There is little evidence to support that claim. China has banned domestic crypto transactions since 2021. Any crypto activity tied to China mostly runs through Hong Kong’s separate, more open system.
How has Trump changed U.S. crypto policy?
Trump’s SEC removed crypto from its 2026 list of examination priorities. He signed an executive order creating a Strategic Bitcoin Reserve. His administration has also pushed for friendlier crypto regulations overall.
Has Trump personally profited from crypto?
Yes. Financial disclosures show Trump has generated substantial income from crypto ventures. This includes income from his memecoin and a stake in a crypto company linked to his sons.
