Former President Trump is vowing to implement a total transformation of US Bitcoin and crypto policy if re-elected.
At the Bitcoin2024 conference in Nashville, Trump said he will fire Securities and Exchange Commission Chair Gary Gensler on day one, and end policies that prevent crypto investors and companies from using digital assets.
Under his administration, Trump says the US would stop selling its trove of seized Bitcoin on the open market, and instead strategically hold the asset as an investment.
“This afternoon, I’m laying out my plan to ensure the United States will be the crypto capital of the planet and the Bitcoin superpower of the world. If crypto is going to define the future, I want it to be mined, minted, and made in the USA. If Bitcoin is going to the moon, I want America to lead the way…
For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart – never sell your Bitcoin. Today I am announcing that if I am elected it will be the policy of my administration to keep 100% of all the Bitcoin the US government currently holds or acquires into the future. This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”
Trump, who is a former critic of Bitcoin, now says he will ensure Bitcoin and the crypto industry at large is made in America.
“No longer will your government sit by and watch as Bitcoin jobs and businesses flee to other countries. We will keep each and every Bitcoin job in the United States.
I will appoint a Bitcoin and crypto presidential advisory council to design transparent regulatory guidance for the benefit of the entire industry. The rules will be written by people who love your industry, not hate it. We will create a framework to enable the safe and responsible expansion of stablecoins, extending the dominance of the US dollar to new frontiers. America will be richer, the world will be better, and billions will be brought into the crypto economy.”
Trump says Bitcoin advocates understood inflation long before it became mainstream, calling the original and leading crypto asset a technological innovation and not a threat.
“Those who say Bitcoin is a threat to the dollar have the story exactly backward. Bitcoin is not threatening the dollar. The behavior of the current US government is threatening the dollar.
The danger to our financial future comes from Washington DC, from trillions of dollars in waste, rampant inflation, and open borders.”
Vice President Kamala Harris, who President Biden has endorsed as the Democratic nominee, has not taken a public position on crypto assets.
According to Politico, pro-crypto Democrats are hoping for a reset on the issue after Biden’s “crypto crackdown.”
“Trump has framed his crypto pitch as an attack on President Joe Biden, whose regulators have cracked down on the industry.
Now with the campaign undergoing a big reset, crypto-friendly Democrats are hopeful that Harris will usher in a softer approach.”
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