Trump Vows US Will Lead Crypto Sector Amid Fears of China Dominance

US President Donald Trump has spoken out in favour of cryptocurrency, saying the US must remain a leader in the sector to prevent China from dominating it. Speaking at a White House event launching the 'Trump Accounts' investment programme, Trump acknowledged that his views on crypto had evolved over time.

'I'm a big crypto guy,' he said. 'I've become a big crypto guy only for one reason: if we don't have it, China's going to have it.'

Trump claimed that the US administration has positioned itself at the forefront of cryptocurrency innovation and that his predecessor, Joe Biden, had initially been opposed to digital currencies.

'Biden was totally against it,' Trump said. 'He had no idea what crypto is.' He accused regulators under the previous administration of attempting to suppress innovation and 'weaponising' the government against the industry.