Former US President and Republican presidential candidate Donald Trump has reiterated his unwavering support for the cryptocurrency industry. Speaking at the Bitcoin Conference in Nashville, Tennessee, USA, the billionaire and former Bitcoin critic outlined numerous cryptocurrency adoption plans he intends to implement in office if elected, some of which included significant regulatory changes.
SEC Chairman Gary Gensler to be fired on day one, Trump says
According to Donald Trump, his first act as US president on cryptocurrency adoption will be to immediately fire the chairman of the Securities and Exchange Commission (SEC), Gary Gensler. This promise is likely to resonate with 52 million cryptocurrency users in the US because Gensler is widely viewed as a staunchly “anti-cryptocurrency” regulatory official.
While the SEC has approved Bitcoin and Ethereum-based ETFs during Gensler’s tenure, the commission has also become notorious for taking drastic measures against cryptocurrency firms, pursuing enforcement actions and refusing to develop novel regulations tailored to the unique characteristics of the digital asset industry.
Donald Trump said he will appoint a novel SEC chairman who will support the development of cryptocurrencies because he believes America should aid build the future, not “block it.” Additionally, the presidential candidate has promised to protect the industry from anti-crypto regulations by Bitcoin critic Elizabeth Warren and other lawmakers and generally reverse the “anti-crypto” stance of the Joe Biden administration.
Alongside this key policy change, the former US president also reiterated his plans to create a national Bitcoin reserve, turning the cryptocurrency market leader into a strategic reserve asset for the US dollar. He also promised that the US government would retain ownership of all Bitcoins in its possession, rather than engage in a market sell-off. Donald Trump also assured cryptocurrency users that he would end all central bank digital currency (CBDC) projects run by the US government and take away their right to make decisions about their own assets.
Trump plans to turn the US into a cryptocurrency hub
If elected, Donald Trump has also expressed his intention to turn the US into the crypto capital and Bitcoin superpower of the world. The billionaire has adopted a pro-Bitcoin status, supporting the asset to surpass gold’s market capitalization in the coming years. He calls on all current investors to hold on to their assets, promising that if he wins the presidential election, the value of Bitcoin and other tokens “will skyrocket like never before.”
As time passes, the cryptocurrency industry is gaining more attention in the context of the upcoming US elections in November. With Donald Trump’s pro-crypto position, some Democrats now I wrote to the Democratic National Committee calling for a change in the party’s hostile policies toward crypto assets. Notably, they advised novel Democratic presidential candidate Kamala Harris to adopt a pro-crypto vice presidential candidate to boost the party’s chances in the election.
Featured image from Britannica, chart from Tradingview.com
