Regulation
Justin Sun calls for change in China’s stance on cryptocurrencies
Former US President Donald Trump attended the Bitcoin 2024 conference on Saturday as a keynote speaker. The Republican candidate’s speech appears to have inspired industry figures and lawmakers around the world to urge their jurisdictions to take a pro-crypto stance and build a competitive industry.
Among these figures, Tron founder Justin Sun called on China to “step up its efforts” and review its regulatory approach to digital assets.
Justin Sun calls for a competitive industry
Justin Sun spoke at Trump’s Bitcoin 2024 conference on Sunday. In his speech, former U.S. President Donald Trump promised He promised to end the Biden administration’s “anti-crypto crusade” if elected president. Additionally, he promised to fire Securities and Exchange Commission Chairman Gary Gensler on his first day in office.
Trump criticized the U.S. government’s crypto strategy, saying: “For too long, our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin.”
The Republican candidate also stressed that he would keep “100% of all bitcoin that the United States government currently owns or acquires.” If he wins the November election, “the United States will be the cryptocurrency capital of the world and the bitcoin superpower of the world,” Trump said in Nashville.
After his speech, the Tron founder called on the Chinese government to “take action.” According to him, China should “make more progress” in this area now that the Republican candidate has “pushed for Bitcoin” and that U.S. crypto policies appear to have started to warm up.
Sun urges for a change in China's policies. Source: Juntin Sun on X
Sun believes that if China revises its cryptocurrency regulations, it could lead to healthy competition between countries, which would benefit the entire industry: “Competition between China and the United States on Bitcoin policy will benefit the entire industry.”
Like Sun, Hong Kong MP Johnny Ng address Trump’s speech and his views were mixed. For the lawmaker, Bitcoin and Web3 have attracted global attention and have been used for technological and financial innovation.
Ng stressed that Hong Kong is actively working to become a cryptocurrency hub and is at the forefront of “compliant regulation and industry development.”
However, he believes Hong Kong should strive to foster “industry technological developments” by further building “an ecosystem to attract globally competitive talents and capital, public channels and exchanges, companies and projects, etc.”
Hong Kong lawmaker proposes development accelation. Source: Jonhnny Ng on X
Will China Change Its Stance on Cryptocurrencies?
After Sun’s post, community members agreed with his comments, saying that if China embraced Bitcoin, “we could see incredible innovation and growth.” Others believe the industry could benefit from more countries joining in for healthy competition.
However, many investors consider The country has “no reason” to change its current regulatory position. In addition, some have criticized the strategy of American politicians to “make their voice heard first.”
Over the years, the Chinese government has adopted a firm position Regulators have implemented industry-unfriendly measures to limit the potential risks of cryptocurrencies and prevent financial crimes related to digital assets.
The drastic measures and ban have caused an exodus of miners from the former cryptocurrency mining hub. Since then, speculation has been rife about a change in China’s regulatory approach to digital assets.
More recently, Sun’s legal victory against a Chinese media group has sparked debate over whether the country is softening his crypto approach.
Bitcoin is trading at $69,776 on the five-day chart. Source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com