Trump Credits Politics, China Rivalry for Pro-Crypto Pivot

US President Donald Trump has explained why he shifted from being a crypto skeptic to one of its most prominent supporters. In an Oval Office event, he said his changed stance on crypto was influenced by politics and voter interest in the sector.

Trump claimed that China's growing digital assets posed a threat to US leadership in the field, prompting him to become more supportive of crypto. He also noted that the industry has grown significantly and now has 'a lot of life', making it harder for other countries like China to ignore.

The President's comments come as his family's crypto ties remain under scrutiny. Trump denied knowing about a $1.4 billion windfall from his latest financial filing, which linked much of the income to his branded crypto projects and token-related licensing deals.

Trump also defended his administration's pro-crypto stance, claiming that it benefited companies in the sector after he went 'very pro crypto'. He criticized the Biden administration's enforcement approach and said some investigations were dropped after his return to office.