Regulation
Trump impresses Bitcoin supporters, promises cryptocurrency-friendly regulation if re-elected
Donald Trump has announced his intention to fire the SEC chairman and appoint crypto-friendly regulators if he wins the 2024 presidency, in a bid to make the United States a “crypto capital.” At a Bitcoin conference in Nashville, Trump pledged to form a cryptocurrency advisory board, establish a framework for stablecoins, and support Bitcoin mining. His pro-crypto stance marks a significant shift, reflecting the industry’s growing political clout.
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By Teresa Xie, Stephanie Lai and Alicia Diaz
Donald Trump has said he would fire the chairman of the Securities and Exchange Commission and pick cryptocurrency-friendly regulators if he returns to the White House in a bid to woo virtual currency enthusiasts and exploit the industry’s growing influence in the political arena.
“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we will get there,” Trump said at a Bitcoin conference in Nashville on Saturday.
The assembled crowd cheered loudly when Trump said he would fire SEC Chairman Gary Gensler, whose term does not end until 2026. If he wins the presidency, Trump would have significant influence over the top regulators of the booming industry.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not by people who hate it,” Trump said.
He also pledged to form a presidential advisory council on the crypto industry, create a framework for stablecoins and call for reduced law enforcement.
Zachary Bradford, co-founder and CEO of Cleanspark, a bitcoin mining company, called Trump’s speech a “historic moment.” Trump repeatedly referenced miners and said that “America will become the undisputed bitcoin mining power in the world.”
Change of tone
The Nashville remarks are the latest demonstration of how the former president has embraced technology and sought to position himself as an advocate for crypto interests.
Trump expressed skepticism about cryptocurrencies during his time in office, saying he was “not a fan” and that their values were “based on hot air,” but in his 2024 presidential campaign he has changed course, increasingly highlighting Bitcoin and actively courting the cryptocurrency sector.
The shift reflects the industry’s growing prominence in American politics, as leaders seek to elect candidates whose policies support digital assets through ever-larger donations, in part through the Fairshake super political action committee, as well as Trump’s desire to reach new voters in his third presidential campaign.
Wyoming Republican Sen. Cynthia Lummis, who attended the Nashville conference, said she plans to draft a bill that would require the government to build a stockpile of up to 1 million bitcoins over five years. The bill would require the government to hold the cryptocurrency for 20 years, and during those two decades, it could only be used to pay down the national debt.
“The goal is to recognize that Bitcoin is a sustainable asset,” she said on the sidelines of the conference. “It’s digital gold and it’s a solid asset that can back the U.S. dollar and assure the world that the U.S. dollar remains worthy of being a global currency.”
Bitcoin, which had risen 2.9% earlier Saturday ahead of Trump’s speech, was little changed at nearly $68,000 by the end of the speech.
Political power
Crypto industry donors have paid more money According to OpenSecrets, the number of votes cast for the 2024 elections is higher than in all previous cycles combined.
Trump’s economic agenda, which promises to cut taxes and reduce government regulation, has found a receptive audience among Wall Street and business interests eager for an alternative to the policies of President Joe Biden and Vice President Kamala Harris, the likely Democratic nominee.
The cryptocurrency industry has been outraged by what it sees as overly heavy-handed regulation under Biden, following the collapse of the FTX exchange and other scandals. Trump has pledged to promote Bitcoin mining in the United States, protect the self-custody of cryptocurrencies and prevent the Federal Reserve from issuing a central bank digital currency which would compete with the industry.
“I think it’s pretty positive for the industry, pretty optimistic for the future,” said Paul Veradittakit, managing partner at Pantera Capital Management, who watched Trump’s speech live. He said he was “very excited that he wants America to be the capital of cryptocurrency.”
Trump’s appearance at the conference comes at a frenzied time in the 2024 campaign, marked by a failed assassination attempt on the Republican former president and Biden’s announcement Sunday that he would not seek reelection. The Democratic incumbent has endorsed Harris, 59, who is nearly two decades younger than Trump and threatens to undermine the gains he has made with young voters and people of color.
Trump has discussed cryptocurrency policy Tesla Inc. CEO Elon Musk also hosted cryptocurrency mining industry executives at his Mar-a-Lago resort and promised to commute the sentence of Ross Ulbricht, who is serving a life sentence after being convicted of running the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools, according to a person familiar with the discussions.
A digital display highlighting Trump’s keynote speech at the Bitcoin 2024 conference on Saturday.
More significantly, the Trump campaign announced in May that it would begin accepting donations in digital assets. Since then, it has raised $4 million from a mix of digital tokens, according to a campaign aide, who detailed the amount on condition of anonymity.
Among Trump’s most prominent contributors are billionaire twins Cameron and Tyler Winklevoss, who run Winklevoss Capital Management and are big investors in Bitcoin. In his Nashville speech, Trump greeted the brothers by name and described them as “looking like male models with brains.”
The two men said they donated the equivalent of $1 million in cryptocurrency to a pro-Trump group, an amount that exceeded the maximum allowed. was refunded to the brothers.
Before the speech, Trump was scheduled to meet with crypto industry donors on Saturday at a fundraiser where seats went for up to $844,600Expected guests include the Republican candidate’s running mate, Sen. J.D. Vance of Ohio, who has also taken an interest in cryptocurrency and positioned himself as a supporter of the sector.
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