Former President Donald Trump has made a bold promise to cryptocurrency investors, vowing to transform the United States into a ‘Bitcoin superpower‘ with a drastic reduction in regulations. Speaking at the Bitcoin 2024 conference in Nashville on Saturday, Trump declared his intention to fire Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), if re-elected.
“On day one, I will fire Gary Gensler,” Trump announced, causing an enthusiastic response from the audience. He added, “I didn’t know he was that unpopular,” highlighting the crowd’s approval of his plan.
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Gensler is known for his stringent enforcement actions against the largely unregulated cryptocurrency market. Trump promised to replace Gensler with someone more supportive of crypto investors and to establish a crypto advisory council to develop new regulatory guidelines.
Trump’s comments led to an immediate rise in Bitcoin’s price, which had dropped below $67,000 before his speech but surged to $69,000 within an hour as investors reacted favorably to his pro-crypto stance.
Trump outlined a vision to make the US the world’s ‘crypto capital,’ contrasting his approach with that of President Joe Biden’s regulatory stance. “I pledge to the Bitcoin community that once I take office, Joe Biden’s and Kamala Harris’s anti-crypto crusade will be over. It will end. It will be done,” Trump declared. He promised that his presidency would bring an end to what he described as the “persecution” and “weaponization” against the cryptocurrency industry.
Trump also warned that if Vice President Kamala Harris were to win, “every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.” He criticized Harris as even more opposed to cryptocurrency than Biden, calling her a “radical lunatic.”
This shift in Trump’s stance on cryptocurrency is notable given his previous criticisms. In 2021, he labeled Bitcoin a “scam,” and in 2019, he dismissed cryptocurrencies as “not money” and “based on thin air,” linking them to criminal activities.
Trump’s newfound support for cryptocurrency appears to be influenced by significant donations from wealthy crypto investors. During his speech, he described the cryptocurrency industry as the “steel industry of 100 years ago” and urged the US to take the lead in its development. “If we don’t do it, China and others will. Let’s do it right. If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” he said.
He also proposed creating a strategic national Bitcoin stockpile and developing a regulatory framework to support stablecoins. Trump pledged to halt efforts by the Treasury Department to establish a central bank digital currency (CBDC), arguing it would compete with Bitcoin and other cryptocurrencies. “There will never be a CBDC while I’m president of the United States,” he asserted.
Trump’s embrace of cryptocurrency has garnered significant financial support, including $1 million each from Tyler and Cameron Winklevoss, known for their early involvement in Facebook. They also donated $250,000 to Elon Musk’s America PAC, which supports Trump.
Tyler Winklevoss criticized the Biden administration’s stance on crypto, calling it an “open war against crypto,” and endorsed Trump as the candidate to support. “It’s time for the crypto army to send a message to Washington. Attacking us is political suicide,” he tweeted.
Despite the warm reception from the crypto community, tensions remain between the industry and the current administration. Harris declined an invitation to speak at the Bitcoin conference, further straining relations. Winklevoss warned, “Our industry won’t forget this. We will show no mercy in November.”
Trump’s speech and his promises reflect a strategic pivot towards embracing the growing cryptocurrency sector, positioning himself as the ‘crypto president’ in stark contrast to his rivals.
