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President Donald Trump has framed cryptocurrency as a national security issue, warning that China could dominate the digital asset space if America doesn’t take the lead.
“I’m very much in favor of crypto because otherwise China is going to take it over,” Trump said on Sunday. He repeated this message in an NBC News interview, adding, “I want crypto. I think crypto’s important because if we don’t do it, China’s going to.”
Trump has backed his words with action since returning to the White House in January. He appointed David Sacks, a former PayPal executive, in charge of crypto policy as “AI & Crypto Czar.” His administration also created an SEC task force to make regulations friendlier to crypto companies.
These moves reverse the previous administration’s approach to crypto. Trump criticized the Biden team for first cracking down on crypto and then softening their stance “for political gain.” He claims his own support for crypto started “long before his current presidential run.”
While pushing crypto as a national priority, Trump faces questions about his own crypto dealings. Two companies linked to Trump – CIC Digital LLC and Fight Fight Fight LLC – own 80% of all TRUMP tokens. These tokens have brought in roughly $350 million from sales and fees since launching on January 17.
When NBC asked if he profits from the token, Trump dismissed the question: “I haven’t even looked… Should I contribute my real estate too? I don’t think so.”
More controversy erupted after Trump announced a special dinner on May 22 just for the top 220 TRUMP token holders. After this news, the token’s price jumped 50%. Critics from both parties voiced concerns.
Democratic Senators Elizabeth Warren and Adam Schiff called for an investigation into possible “pay to play” behavior. Even Republican Senator Cynthia Lummis, who supports Bitcoin, expressed “discomfort” with the arrangement.
Despite these issues, Trump stands firm on his pro-crypto position: “Crypto is too important to ignore.” He continues to present the choice as simple: either America leads in crypto, or China will take control.
The situation highlights growing tensions between national strategy, personal business interests, and the rapidly changing world of digital currencies.
