Note: The original content comes from a CNN interview published on May 29, 2025!
Tether co-founder William Quigley and the CNN host discussed Trump's media plan to spend $2.5 billion on Bitcoin.
CNN host: We all know that Donald Trump and Melania have their own meme coin. Back in April, when President Trump announced he would host a White House dinner for the twenty largest investors who purchased his meme coin, it sparked a trading frenzy. According to reports, two subsidiaries of the Trump organization control eighty percent of the total supply of the meme coin. After the dinner was announced, the price of the meme coin soared by nearly sixty percent. That is precisely why Senator Elizabeth Warren described this dinner in such terms.
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CNN host: That's right, this is just one example of what has been done in the cryptocurrency space since the president took office. However, on this point, Elizabeth Warren's statement is incorrect.
William Quigley: I really have nothing to say about his connection to the meme coin issued by the Trump organization. You know, there are thousands of meme coins, and many people are promoting them. In my opinion, whether it is appropriate for him to make any statements about meme coins from the White House is a political issue. But since I am not a politician, I think it is best to let politicians handle the question of whether it should be done and whether it is appropriate.
CNN host: Well, you are involved in the cryptocurrency industry and are a co-founder of Tether. So in some ways, this issue is indeed related to you. Since taking office, the Trump administration has rolled back regulations on cryptocurrencies. The Securities and Exchange Commission's cryptocurrency crime task force has also been disbanded. Additionally, an executive order on February 10 halted the enforcement of the Foreign Corrupt Practices Act, which prohibits bribing or attempting to bribe U.S. lawmakers and other officials.
William Quigley: Well, regarding this issue, you may have asked the wrong person. People like me who have been in the tech industry for many years and entered the field before Bitcoin was invented saw the advantages that blockchain technology could bring, and when we planned to build around it in the U.S., we encountered what I call 'abuse of power.' Many federal agencies took aggressive actions against us multiple times without clear congressional authorization regarding jurisdiction over the cryptocurrency industry, rarely citing any existing laws. So from my perspective, I welcome President Trump entering the federal government and informing various federal agencies that specific policies must be developed around cryptocurrencies. Congress is now also doing the same thing through the (GENIUS Act), finally establishing some rules for stablecoins and their issuance. Therefore, I am very satisfied with everything he has done in the cryptocurrency space, given the many uncertainties I have faced for years.
CNN host: President Trump's goal is to make the U.S. the world's cryptocurrency capital, and the White House is establishing a Bitcoin strategic reserve. I can understand that the U.S. has a strategic petroleum reserve, that China has a strategic pork reserve, and that Canada has a national butter reserve - although I don’t really understand that one - but these are all commodities in the real world that may be in short supply. However, Bitcoin is not anything real; it is just a number on a computer screen. So how exactly should strategic reserves be conducted?
William Quigley: How much Bitcoin reserves will there be? You know, those details have not been revealed yet. But I think if a country is willing to reserve any commodity, we have strategic petroleum reserves. In my view, in the 21st century, saying 'Hey, let's set aside a small amount of funds from the treasury for digital assets' is not unreasonable. Digital assets will continue to play an important role in global business, especially in cross-border transactions.
CNN host: It seems I am still stuck in the 20th century. William Quigley, thank you for coming. I appreciate your insights, and your answers have been excellent. Thank you.
William Quigley: Thank you.
*Friendly reminder: This article is for informational purposes only and does not constitute any investment advice!
