Regulation
Trump vows to make US cryptocurrency capital: Bitcoin superpower’s plans : Rediff Moneynews
Former President Donald Trump pledged to make the United States the world leader in crypto, laying out ambitious plans for Bitcoin and cryptocurrency regulation, including a presidential advisory council and a national Bitcoin stockpile.
Washington, July 28 (PTI) Former President Donald Trump has vowed to make the United States a “Bitcoin superpower” if he returns to the White House and said he would appoint an advisory board to design transparent regulatory guidance for the benefit of the entire industry.
But Trump, the Republican candidate, has stopped short of proposing the creation of an official federal reserve of digital currency.
On Saturday, at a Bitcoin convention, Trump made a series of pro-cryptocurrency policy pledges, including promising to fire Securities and Exchange Commission Chairman Gary Gensler and create a “strategic national stockpile of Bitcoin.”
“I am 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,” Trump, 78, said.
Bitcoin is the world’s first widely adopted cryptocurrency, enabling secure and transparent peer-to-peer transactions over the Internet.
He also warned that Bitcoin investors in the public would be “crushed” if Vice President Kamala Harris were elected president.
“They (Democrats) want to stifle you. They want to stifle you and make you lose your jobs. We will not let that happen. And your government will no longer sit back and watch Bitcoin jobs and businesses flee to other countries because the laws in the United States are too vague, too harsh, too harsh and too rigid. We will keep every Bitcoin job in the United States of America,” Trump said in his speech at the Bitcoin2024 conference, the largest annual gathering of the cryptocurrency industry, at the Music City Center in Nashville.
Trump is the first major party candidate to speak at the annual cryptocurrency conference.
Trump also promised to “immediately” establish a “presidential advisory council on Bitcoin and cryptocurrencies,” which he said would provide “transparent regulatory guidance” for the cryptocurrency industry.
“I am proud to be the first U.S. President to speak at a Bitcoin event anywhere in the world. If cryptocurrency is going to define the future, I want it to be mined, minted, and manufactured in the United States,” he said.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate it. People who want everything to be clear, simple, straightforward and fair. People who want to see your industry thrive, not collapse,” he said.
Trump also said he would end the U.S. government’s efforts to create a central bank digital currency (CBDC), a move that cryptocurrency enthusiasts have long criticized.
“I’m going to immediately order the Treasury Department and other federal agencies to cease and desist all necessary actions because there’s something going on in your industry. They want to advance the creation of a central bank digital currency. It’s over. Forget it. There will never be a CBDC as long as I’m president of the United States. I will always defend the right to self-custody. You’re going to have a great industry, and we’re going to be the fuel for your industry,” he said.
As president, Trump said Bitcoin was “not money” and criticized it as “highly volatile and based on nothing.”
But Saturday marked the culmination of a complete reversal on the issue during the former president’s final bid for the White House.
Indian-American entrepreneur-turned-politician Vivek Ramaswamy is a key adviser to Trump on cryptocurrency.
Trump announced that as part of his efforts to clarify regulations, his administration would create a framework for the safe and responsible expansion of stablecoins, allowing them to extend the dominance of the US dollar to new frontiers around the world.
“America will be richer, the world will be better, and billions and billions of people will enter the crypto economy and put their savings into bitcoin. Those who say bitcoin is a threat to the dollar are wrong. Bitcoin is not a threat to the dollar. The behavior of the current US government is actually a threat to the dollar,” he said.
“The danger to our financial future does not come from cryptocurrencies. It comes from the trillions of dollars being wasted, the runaway inflation, and the open borders while providing free welfare and health care to all the illegal immigrants pouring into our country by the millions and millions and millions. It comes from printing hundreds of billions of dollars to fund endless wars abroad while our cities are like battle zones here at home,” he said.
Under his leadership, America will become the undisputed powerhouse of Bitcoin mining.
“You will be a Bitcoin mining powerhouse. You will not need to move your family to China. You will not move to China. As we implement these reforms, Bitcoin and cryptocurrencies will grow our economy, solidify American financial dominance, and strengthen our entire country for the long term,” he said.
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