Former US President and Republican presidential candidate Donald Trump has reiterated his unwavering support for the cryptocurrency industry. Speaking at a Bitcoin conference in Nashville, Tennessee, the billionaire and former Bitcoin critic outlined several crypto adoption plans he intends to implement in office if elected, some of which include major regulatory changes.
Trump announces firing of SEC Chairman Gary Gensler on first day
According to Donald Trump, his first act in embracing cryptocurrencies as US president would be to immediately fire SEC Chairman Gary Gensler. This promise is likely to resonate with 52 million cryptocurrency users in the United States Gensler is widely seen as a strict “anti-crypto” regulator.
While the SEC may have approved Bitcoin and Ethereum ETFs during Gensler’s tenure, the commission has also gained notoriety for its heavy-handed approach to crypto companies through enforcement actions and refusal to draft new regulations specifically designed to protect the privacy of the digital asset industry.
Donald Trump said he will appoint a new SEC chairman who will support the growth of cryptocurrencies, because he believes America should help build the future rather than “hinder it.” The presidential candidate also promised to protect the industry from anti-crypto regulations by Bitcoin critic Elizabeth Warren and other lawmakers and reverse the “anti-crypto” stance of the Joe Biden administration.
Alongside this pivotal policy shift, the former US president also reiterated his plans to create a national reserve of Bitcoin and turn the market-leading cryptocurrency into a strategic reserve asset for the US dollar. Furthermore, he promised that the US government would retain ownership of all Bitcoin in its possession rather than engage in market selling. Donald Trump also assured crypto users that he would end any central bank digital currency (CBDC) project by the US government, and would continue their right to self-custody of their assets.
Trump plans to turn the US into a cryptocurrency hub
If elected, Donald Trump has also expressed his intention to turn the United States into the crypto capital and Bitcoin superpower of the world. The billionaire has gained a pro-Bitcoin status, supporting the asset to surpass gold in market value in the coming years. He urged all existing investors to hold onto their assets, while promising that Bitcoin and other tokens would “go up like never before” if he won as president.
As time goes on, the cryptocurrency industry continues to gain more attention in relation to the upcoming US elections in November. With Donald Trump’s pro-crypto stance, some Democrats are moving towards voting for cryptocurrencies. I wrote now To the Democratic National Committee, which is calling for a change in the party’s hostile policy toward crypto assets. Notably, they advised new Democratic presidential candidate Kamala Harris to adopt a crypto-friendly vice presidential candidate to improve the party’s chances in the elections.
Featured image from Encyclopedia Britannica, chart from Tradingview.com
