Donald Trump on Nov. 2 claimed that Joe Biden "switched totally" on cryptocurrency policy after realizing how much voter enthusiasm Trump had drawn from the digital-asset community.
"When Biden found out that I was getting, like, 100 percent of the crypto vote, which was a lot, he switched totally and he went in favor of crypto," Trump said during the interview at Mar-a-Lago.
For much of his term, Biden's regulators — led by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler— took an aggressive approach, classifying numerous tokens as unregistered securities and suing exchanges including Coinbaseand Binancefor alleged compliance failures .
But by mid-2024, with crypto ownership among U.S. adults nearing 20%, the administration's tone softened. A July 2024 open lette r from the Chamber of Progressurged Biden to "embrace balanced digital-asset policy" as one in five registered voters viewed crypto regulation as a voting issue.
Related: What is Crypto? Cryptocurrency explained
'I campaigned positively on crypto'
Trump contrasted his approach with what he described as the Biden administration's earlier hostility toward the industry.
"I campaigned positively on crypto, very openly," he said. "Biden campaigned against it. When Biden found out that I was getting, like, 100 percent of the crypto vote — which was a lot — he switched totally and went in favor of crypto."
"They had many people under indictment. They let 'em all go. You know that. Many people were under indictment. Biden was a corrupt president. Biden went all in on crypto at the very end because he thought he could get some votes."
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'My sons are involved..'
Trump's renewed defense of the sector marks a full reversal from his early-term skepticism.
As president in 2020, he had dismissed Bitcoin as "not money." By contrast, his 2025 rhetoric casts crypto as a pillar of American innovation.
"My sons are involved in crypto much more than me. I know very little about it, other than one thing — it's a huge industry. And if we're not gonna be the head of it, China, Japan, or someplace else is. So I am behind it 100 percent."
Trump repeatedly linked blockchain innovation to national competitiveness and job creation, saying that "crypto's turned out to be a massive industry" and that the United States must stay ahead of rivals.
"I only care about one thing — will crypto be number one in America? Because in crypto it's the kind of industry where basically you're going to have number one and you're not gonna have a number two."
'We're number one in crypto because I'm the president'
For Trump, the issue is as much about prestige as policy. Throughout the interview he returned to the theme of American primacy, often pairing crypto with artificial intelligence and energy independence.
"I wanna make crypto great for America. That's the only thing. I don't wanna have somebody else have crypto and have China be number one in the world in crypto. Because right now we're number one by a long shot. I wanna keep it that way. The same way we're number one with AI, we're number one with crypto."
Pressed on whether his family's business involvement in digital assets could pose conflicts of interest, Trump replied that his focus remained on the country's leadership position, not personal gain.
"My sons are running a business. They're not in government. And they're good," he said. "I'm focused on this. I know nothing about the guy [referring to CZ], other than I hear he was a victim of weaponization by government."
Related: Kamala Harris looks to energize Black male voters by unveiling crypto plan
This story was originally reported by TheStreet on Nov 3, 2025, where it first appeared in the Political News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
