Former President Donald Trump announced a series of pledges to make the US the «bitcoin superpower of the world», including the promise to fire Securities and Exchange Commission chair Gary Gensler on day one.
On Saturday, Former President Donald Trump spoke at the «Bitcoin Conference» in Nashville. He vowed to make the US a «bitcoin superpower» and the «crypto capital» of the world.
Positioning himself as the pro-crypto candidate for the upcoming US elections, Trump made a series of pledges that, if fulfilled, could cause a shakeup in the industry.
Pro-Industry Regulation
One major pledge Trump made was to create a more supportive regulatory environment for the crypto industry.
This includes the promise on his first day as President to «fire Gary Gensler», the chairman of the Securities and Exchange Commission who has been aggressive against the digital asset. He also said he would «immediately shut down Operation Chokepoint 2.0», an alleged coordinated campaign under the Biden administration to deny bitcoin companies access to traditional financial services.
Crypto Advisory Council
In fact, Trump said he would seek to have crypto regulations written by industry-loving experts. This would be achieved through the formation of a crypto advisory council.
National Stockpile
Trump also pledged to hold bitcoin via a strategic national stockpile. It is estimated that the US government currently owns more than 200,000 bitcoins obtained via various law enforcement operations.
«If I am elected, it will be the policy of my administration, the United States of America, to keep 100 percent of all the bitcoin the US government currently holds or acquires into the future,» Trump stated.
Free Ross Ulbricht
Trump previously promised he would commute the sentence Ross Ulbricht, who is serving life imprisonment for creating and operating black market website «Silk Road», which utilized bitcoin for transactions in goods, most notably illicit drugs.
According to the Republican candidate, Ulbricht's time served was «enough».
Never CBDC
Trump was not positive on all digital asset efforts. He reiterated that «there will never be a [central bank digital currency» while he is president.
«Those who say that bitcoin is a threat to the dollar have it exactly backwards, the danger to our financial future comes from Washington DC, not crypto,» he said.
China Competition
If Trump makes good on his crypto promises, there are obvious implications for market players in other geographies. In Asia, the impact could extend beyond hubs with digital asset ambitions, like Singapore and Hong Kong, as Trump cited China as a strategic competitor.
«If we don't embrace crypto and bitcoin technology, China will, other countries will. They'll dominate, and we cannot let China dominate. They are making too much progress as it is,» he added.
Trump’s strongly pro-crypto stance now is a stark contrast to his previous position. In a 2019 social media post, he said he was «not a fan» of bitcoin and other cryptocurrencies, claiming they were not money and were «based on thin air».
