Justin Sun, the face behind Tron blockchain, urged the Chinese government to employ a more proactive approach to digital assets. Sun referenced RF Kennedy and Trump’s speech at the 2024 Bitcoin Conference, where both presidential aspirants pledged to support pro-crypto policies should they assume office.
Justin advised the Chinese government to step up and employ pro-crypto policies. Sun’s view followed recent developments in the U.S. initiated by former president and Republican candidate Donald Trump and independent candidate RF Kennedy Jr. at the 2024 Bitcoin Conference.
Justin Sun emphasized that American policies have “warmed” toward crypto. He encouraged China to make further progress and advance in the industry to keep up with the U.S.
Justin Sun urges China to emulate U.S. crypto policies
Justin Sun mentioned that competition between the U.S. and China would significantly influence the growth and development of the entire industry.
China has long been skeptical about digital assets. In 2021, the Chinese government imposed heavy restrictions on the crypto industry. The sanctions included shutting down trading platforms and banning crypto and derivative exchanges from operating in the jurisdiction.
China 🇨🇳 also needs to step up. Since President Trump pushed for Bitcoin, U.S. 🇺🇸 policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry. 👏
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024
In the same year, the People’s Bank of China (PBOC) prohibited all digital asset transactions and declared them illegal. The PBOC claimed that cryptocurrencies facilitate financial crimes and may cause economic instability. However, Sun believes China should be shifting to a more pro-crypto stance.
Sun recently won a legal battle against the Chongqing Business Media Group. The entity accused Sun of being under scrutiny by the Federal Bureau of Investigations (FBI) and executing insider trading violations.
The court ruled in favor of Sun and termed the charges unsubstantiated. Justin Sun believed that the win was a remarkable shift for the crypto industry since the Chinese court seems to have given crypto some legitimacy.
China and America could start competing for crypto dominance
In his speech at the conference, Trump warned that China was overtaking the U.S. in crypto and emerging tech trends. The Republican-nominated candidate vowed to produce enough electricity for crypto activities, including Bitcoin mining, to stay ahead of the curve against economic rivals like China. He promised that his administration would endorse Bitcoin ahead of China and make America the global crypto capital and the Bitcoin superpower of the world.
Source: Bitcoin Treasuries
Trump also said that he would hold all Bitcoin acquired or currently in the custody of the U.S. government. According to data from Bitcoin Treasuries, the U.S. leads the pack among governments with the most Bitcoin in custody. The United States holds 213,246 bitcoins, while China trails second with 190,000 bitcoins in its possession.
Notably, Hong Kong’s Legislative Council member Johnny Ng also recently cited Trump’s speech. The administrator wrote that Bitcoin has the potential to serve as a financial reserve asset for jurisdictions and regions. Ng promised to involve relevant stakeholders in Hong Kong to discuss the possibility of implementing the idea.
