US Must Develop Crypto or Other Countries Will Take Over, Donald Trump

TLDR

Donald Trump said the United States must develop cryptocurrency or risk losing leadership to other countries, as his personal crypto earnings face renewed scrutiny after a 2025 financial disclosure showed more than $1.4 billion in crypto-related income.

During a White House event on July 6, Trump said his support for crypto is tied to global competition. He argued that digital assets have a large audience and strong capital inflows, especially into Bitcoin.

Trump said, “If we don’t have it, other countries are going to have it.” He also said no one fully understands Bitcoin’s strength yet, while describing crypto as a sector with major public interest.

Trump Links Crypto Support to Global Competition

Donald Trump said he became a crypto supporter because he believes the United States should not let other countries dominate the sector. He has repeatedly framed digital assets as part of a wider technology race involving finance, artificial intelligence, and global capital flows.

He said crypto has “tremendous vitality” and a large group of users. Trump also pointed to money moving into Bitcoin as a reason the US should support the industry rather than push it offshore.

Donald Trump criticized the Biden administration’s earlier approach to crypto, saying officials had first targeted the industry before changing their stance after political pressure. That claim remains disputed by critics who say crypto policy debates changed as adoption, lobbying, and court rulings developed.

The comments came as US lawmakers continued work on crypto market structure rules, stablecoin policy, and developer protections. Bloomberg has reported that Washington’s crypto policy debate has become a central issue for both financial firms and digital asset companies.

Bessent Rejects Conflict Concerns

Treasury Secretary Scott Bessent defended Trump’s crypto earnings in an interview, saying he does not see a problem with the president’s financial ties to the sector. When asked about possible concerns, Bessent said, “I don’t think there’s an appearance problem.”

Bessent said Donald Trump’s crypto ties existed before his current term and described the administration’s approach as part of a broader innovation agenda. He linked the policy direction to digital assets, artificial intelligence, and other technology sectors.

Democratic lawmakers have criticized the earnings and raised conflict-of-interest concerns. Their objections focus on Trump’s crypto income while his administration supports policies that may benefit the digital asset industry.

White House spokeswoman Anna Kelly has also rejected conflict claims. She said Trump’s assets are held in “fully discretionary accounts managed by independent third-party financial institutions,” adding, “There are no conflicts of interest.”

Trump Crypto Income Tops $1.4B in 2025 Filing

Trump’s 2025 financial disclosure listed more than $1.4 billion in crypto-related income. The filing showed crypto earnings exceeded income from the real estate, hotel, and golf businesses that long formed the base of his wealth.

About $636 million came from royalties tied to the Official TRUMP meme coin, which launched on Solana shortly before his second inauguration. Another $594 million came from World Liberty Financial, the DeFi project linked to Trump and his sons Eric Trump and Donald Trump Jr.

The filing also listed about $197 million from an equity sale tied to a stablecoin project. Critics have questioned the scale of the earnings while Trump continues to promote US crypto leadership.

Donald Trump has rejected claims of wrongdoing and has publicly embraced the industry. Speaking about digital assets, he said, “I’ve become a big crypto guy,” while arguing that the US must act before other countries take control of the market.

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