According to a leading Web3 firm executive, a pro-crypto stance from the Trump administration could pressure China to soften its attitude toward cryptocurrencies. Xiao Feng, CEO of HashKey Group, expressed in an interview with the South China Morning Post that if the U.S. supports cryptocurrency assets, China may open its market.
China and Cryptocurrency
The Chinese government banned token sales (ICOs) in 2017 and halted crypto trading and mining in 2021. Feng argues that the crypto market could reopen with regulated stablecoins. Although the Chinese government has yet to provide the expected support in bridging with cryptocurrencies through Hong Kong, it must compete with the U.S. If it strives to share in crypto innovation, it could quickly expand its market share. Who benefits from the competition between Trump and China in cryptocurrency? Certainly, it benefits investors who can boldly buy at low prices during tough bear markets.
Trump’s Cryptocurrency Commitments
While Trump approached Bitcoin 
$89,293 and cryptocurrencies with skepticism during his previous presidency, he has promised to protect and develop the crypto asset sector in his current campaign. He has stated intentions to remove SEC Chairman Gary Gensler and end policies that restrict cryptocurrency use.
“If the U.S. Congress and president clarify crypto policies and consistently legalize and promote the sector, this would serve as a driving force for China to accept cryptocurrency.” – Xiao Feng.
HashKey Group is a Hong Kong-based Web3 infrastructure developer that reached a valuation of over $1.2 billion in January. In his speeches, Trump mentioned that the U.S. would stop selling its Bitcoin on the open market and instead hold it as a strategic investment.
The sector is hopeful that if the U.S. clarifies its cryptocurrency policies, significant transformations could occur in large markets like China. These developments could play a crucial role in shaping the future of global cryptocurrency markets.
