Regulation
Donald Trump Reiterates Support for Cryptocurrency, Promises to Fire Gary Gensler on Day One
Former US President and Republican presidential candidate Donald Trump has reaffirmed his unwavering support for the cryptocurrency industry. During his speech at the Bitcoin Conference in Nashville, Tennessee, the billionaire and former Bitcoin critic outlined the many cryptocurrency adoption plans he intends to implement if elected, including significant regulatory changes.
SEC Chairman Gary Gensler Will Be Fired On Day One, Trump Says
According to Donald Trump, his first action in favor of the adoption of cryptocurrencies as president of the United States will be the immediate dismissal of the chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler. Certainly, this promise is likely to resonate with the 52 million cryptocurrency users in the United States Gensler is widely regarded as a staunch “anti-crypto” regulator.
Although the SEC may have approved the Bitcoin And Ethereum Spot ETF Under Gensler, the Commission also developed a notorious reputation for cracking down on cryptocurrency companies through enforcement actions and refusing to formulate new regulations tailored to the unique nature of the digital asset sector.
Donald Trump said he would appoint a new SEC chairman who will support the growth of cryptocurrencies, as he believes America should help build the future rather than “block” it. Additionally, the presidential candidate promised to protect the industry from anti-cryptocurrency regulations Bitcoin Critic Elizabeth Warren and Other Lawmakers and generally reverse the Joe Biden administration’s “anti-crypto” stance.
Along with this fundamental policy shift, the former US president also reiterated his plans to create a national Bitcoin stockpile, turning the cryptocurrency market leader into a strategic reserve asset for the US dollar. Furthermore, he promised that the US government would retain ownership of all Bitcoins in its possession rather than engaging in a market sale. Donald Trump also assured cryptocurrency users that he would end any central bank digital currency (CBDC) projects by the US government, and that he would continue to give them custody of their assets.
Trump plans to turn US into cryptocurrency hub
If elected, Donald Trump also expressed his intention to make the United States the capital of cryptocurrencies and the global superpower of Bitcoin. The billionaire adopted a pro-Bitcoin stance, arguing that the asset will surpass gold in market capitalization in the coming years. He urged all investors present to hold on to their assets while promising that Bitcoin and other tokens will “skyrocket like never before” if he wins the presidency.
As time goes by, the crypto industry continues to garner more and more attention in regards to the upcoming US elections in November. With Donald Trump’s pro-crypto stance, some Democrats have now written The Democratic National Committee has called for a change in the party’s hostile policy toward crypto assets. They have notably advised new Democratic presidential nominee Kamala Harris to adopt a pro-crypto vice presidential candidate to improve the party’s chances in the election.
Featured image from Britannica, chart from Tradingview.com