US Vice President JD Vance at the Bitcoin 2025 conference on 5/28 reiterated the Trump administration's support for crypto industry development, declaring that Chokepoint 2.0 is dead, and announcing support for stablecoin legislation and rebuilding the regulatory framework. He stated that once the GENIUS stablecoin bill passes, Trump will sign it into effect immediately. Regarding the US Bitcoin strategic reserve, he declared: "China hates Bitcoin, that's fine. The United States will treat Bitcoin as a strategic asset!"
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ToggleCrowd Packed, Vice President Attends Bitcoin Conference and Sparks Excitement
JD Vance immediately set the tone: "This is the most crowded Bitcoin conference I've ever seen!" He recalled Trump's first appearance as a candidate last year, and now with the current Vice President present, "This is a historic moment in itself."
He also mentioned that Bitcoin's price breaking $100,000 is the first time such an event has been held during a price peak, symbolizing Bitcoin's mainstream acceptance and entry into a new era.
Trump Administration Supports to the End: Promises Made, Promises Kept
Vance recalled Trump's promises to the crypto community last year:
End the suppression of the crypto industry
Release Ross Ulbricht (founder of the Dark Web platform Silk Road)
Will not sell government-held Bitcoin
Establish a "Bitcoin Strategic Reserve"
Make the US a global Bitcoin superpower within 100 days
He now emphasizes: "Promises were made, and now is the time to fulfill them."
Blasting the Democratic Party: Chokepoint 2.0 is Dead, Gary Gensler Also Fired
Vance unabashedly criticized the Biden administration's regulatory style, calling out former SEC chair Gary Gensler: "They claim to protect consumers, but are actually blocking innovation."
He officially declared: "Operation Chokepoint 2.0 (action to suppress crypto financial institutions) has ended under our watch and will not return."
Stablecoins are US Dollar Allies, Not Threats! GENIUS Bill is Inevitable
The Vice President further discussed the Trump administration's push for the GENIUS Act:
Establish a clear stablecoin regulatory framework
Increase stablecoin transparency and token holder protection
Encourage USD-pegged stablecoins as payment tools
Help the US consolidate global financial influence
Vance explained: "US dollar stablecoins are not a threat, but an amplifier of our economic power. Once GENIUS passes, Trump will sign it into effect immediately."
Next Step: Creating a Mainstream Regulatory Environment for Digital Assets
Beyond stablecoins, Vance outlined the government's next-stage goals:
Establish more crypto-friendly and clearer market structure legislation
Help digital assets enter the mainstream economic system
Completely end the "regulate through enforcement" approach
He emphasized that this is not just for technological development, but to help ordinary Americans feel comfortable participating in crypto finance.
Reminder to Crypto Community: Political Participation is Crucial
Vance urged the crypto community to continue engaging in politics: "You made your voices heard in 2024, but this is just the beginning."
He admitted that when running for senator in 2022, he was one of the few candidates openly holding BTC, but at the time, almost no one in the crypto community stood up to challenge Gensler's policies, saying, "If you don't participate in politics, politics will come after you."
Bitcoin Will Be Included in US Strategy Because China Doesn't Like It!
Vance further emphasized: "Bitcoin will become a strategic asset for the United States."
He cited the plan by Trump administration staffer David Sacks, mentioning that establishing a "Bitcoin Strategic Reserve" is part of national security.
"China (PRC) hates Bitcoin, so we should embrace it. Because we don't want to lose in international competition 10 years from now."
AI and Bitcoin Are Inseparable, Both Need Joint Supervision
Finally, Vance reminded everyone not to just focus on crypto developments, but also pay attention to AI: "This is a critical moment for AI, which is not just a tech battle between left and right, but about the future development direction of the entire United States."
He encouraged the crypto community to also participate in AI policy discussions and formulation: "We need to involve Bitcoin in the AI dialogue to ensure AI does not harm freedom and innovation."
Pressure Must Continue for Freedom to Win
JD Vance finally called out to the entire audience: "We have done a lot, but it's not enough. We need you to continue applying pressure, continue participating, help us defend freedom and innovation, not just for the crypto community, but for the entire United States."
Risk Warning
Cryptocurrency investment carries high risk, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.
US stocks were weak on Wednesday (5/28), with investors cautiously awaiting Nvidia's earnings report. Nvidia posted better-than-expected earnings after market close, with stock price rising over 4%. Bitcoin continues to hover around 107K, not far from its historical high but still unable to break through, with lower OI levels indicating that despite spot price increases, derivatives traders have not returned with the same leverage and conviction as past peaks.
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ToggleUS Five-Year Treasury Auction Successful, Yield Drops from High Point
Yesterday, the US Treasury auctioned 70 billion dollars of new five-year bonds, with strong investor demand, the latest evidence of interest in short-term bonds.
After the US bond issuance, yields across bond maturities dropped from intraday highs, with indirect bidders (including a category of investors including foreign central banks) purchasing a record 78% of the new five-year bonds. The strong investor demand contrasts sharply with the recent weakness in global long-term bond auctions.
Bloomberg Market Live blog strategist Cameron Crise stated:
"In this auction, there was almost no sign of US Treasury buyer resistance."
Nvidia Earnings Better Than Expected, After-Hours Surge 4%
Nvidia CEO Jensen Huang released a steady sales forecast, alleviating investor concerns about China's economic slowdown, and stated that the AI computing market will continue to achieve "exponential growth".
The company expects revenue of around 45 billion dollars for the second fiscal quarter ending in July. New export restrictions will cause Nvidia to lose about 8 billion dollars in revenue in China during this period, but the forecast still meets analyst expectations. This drove the stock up about 4% in after-hours trading.
Bitcoin Hovers Around 107K, Unfilled Contracts Not Creating New Highs
Bitcoin continues to hover around 107K, not far from its historical high but still unable to break through. According to The Block's analysis, the open interest (OI) paints a more nuanced picture. OI represents the estimated notional value of all outstanding futures positions or the total dollar value of BTC deliverable contracts.
BTC futures open interest on Binance is 12.5 billion dollars, nearly 10% lower than the historical high of 13.7 billion dollars in the second week of December 2024.
Cumulative BTC futures open interest on Bybit is currently 7.6 billion dollars, 15% lower than the historical high of 8.95 billion dollars in the second week of December 2024, and also down 10% from 8.5 billion dollars on February 21.
The lower OI levels indicate that despite spot price increases, derivatives traders have not returned with the same leverage and conviction levels as past peaks.
Risk Warning
Cryptocurrency investment carries high risk, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.
