Following Donald Trump’s speech at the Bitcoin 2024 Conference, where he promised a pro-crypto future for the US, Tron founder Justin Sun has called on China to “step up” and revise its crypto regulations.
Trump’s Crypto Push
Trump, in his speech, pledged to end the current administration’s “anti-crypto crusade” and promised to fire the SEC chairman on his first day in office. He criticized the US government’s approach to crypto, stating that they should “never sell their bitcoin.” He also emphasized that he would keep all bitcoin currently held by the US government.
Trump’s vision for a crypto-friendly US, with the country becoming the “Bitcoin superpower of the world,” has sparked a global conversation about crypto regulations.
Sun’s Call for Competition
Sun believes that China should “make further progress” in its crypto regulations, mirroring the US’s shift towards a more favorable stance. He argues that healthy competition between the two countries would benefit the entire crypto industry.
“Competition between China and the U.S. in Bitcoin policy will benefit the entire industry,” Sun stated.
Hong Kong’s Crypto Hub Ambitions
Hong Kong lawmaker Johnny Ng also commented on Trump’s speech, highlighting the global attention Bitcoin and Web3 have garnered. He emphasized Hong Kong’s commitment to becoming a crypto hub, with a focus on “compliant regulation and industry development.” However, he believes Hong Kong needs to further build its ecosystem to attract talent and capital, becoming a more competitive crypto hub.
China’s Stance: A Shift in the Horizon?
While many agree that China embracing Bitcoin could lead to “incredible innovation and growth,” others believe the country has no incentive to change its current stance. Some criticize the US’s approach, calling it “being loud about it first.”
China has historically taken a firm stance against crypto, banning mining and imposing strict regulations on digital assets. This led to an exodus of miners from the country. However, recent events, including Sun’s legal victory against a Chinese media group, have sparked speculation about a potential shift in China’s approach.
Whether China will change its stance on crypto remains to be seen. But with the US seemingly embracing a pro-crypto future, the global crypto landscape is poised for significant change.
