Trump: I turned pro-crypto partly for politics

President Donald Trump told reporters at an Oval Office press conference Monday, where he announced “Trump Accounts,” an investment product for children under 18, that he moved to a pro-crypto position in part for political reasons.

When asked whether the accounts would allow Bitcoin, he answered: “I’ve become a big crypto guy only for one reason: If we don’t have it, China’s going to have it.” He said he was not initially involved in crypto, watched the sector grow into a “huge industry,” and “got involved in it a little bit for politics” after noticing strong voter support.

During his first term, Trump labeled Bitcoin “a scam.” He described changing his view after observing money flow into various crypto assets and hearing reports that China might make a “heavy move” into the market if the United States did not act.

Financial disclosures filed June 30 list more than $1.4 billion in crypto-related income for Trump last year and identify him and his sons as co-founders of World Liberty Financial, a crypto platform that accounted for a large share of that income. He told reporters he does not discuss those activities with his children, adding, “I let my kids do whatever the hell they do. I don’t talk to them, ever, talk to them about it.”

Trump claimed federal scrutiny of crypto eased after he adopted a friendlier stance, asserting the prior administration “dropped all investigations” related to the industry. Records show the Securities and Exchange Commission stopped multiple investigations and withdrew or settled enforcement actions filed against crypto companies, including some that had donated to Trump.

The crypto industry spent roughly $170 million in the 2024 election cycle to support mostly Republican candidates and is expected to increase spending to back pro-crypto contenders in the November midterms. Regulators and lawmakers continue to debate how to oversee cryptocurrency firms and markets.