Former President Donald Trump declared that he would fully embrace the use of cryptocurrencies if elected for a second term. On Saturday, the Republican presidential candidate sent a message to digital currency enthusiasts, expressing his desire for the country to become a "superpower of bitcoin" under his leadership, according to Telemundo 51.
During his keynote speech at a bitcoin conference in Nashville, Tennessee, Trump vowed to transform the United States into the "world capital of cryptocurrencies" and to establish a "strategic reserve" of bitcoins using the cryptocurrencies currently held by the U.S. government.
He argued that the U.S. must lead in this sector, or risk allowing China to do so: "If we don't adopt cryptocurrency and bitcoin technology, China will, other countries will. They will dominate, and we cannot let China dominate. They're making too much progress as it is," Trump said.
Trump also pledged to remove Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), and to create an advisory council on cryptocurrencies if he wins the upcoming November election. "We will have regulations, but from now on, the rules will be written by people who love the industry, not those who hate it," Trump stated during his speech at the Bitcoin 2024 conference, signaling a significant shift in his stance on cryptocurrencies, which he previously did not favor.
In 2019, he posted on social media that the value of cryptocurrencies was "highly volatile" and based "on thin air." However, Trump now appears to be a supporter of digital currencies; in fact, last May, his campaign began accepting donations in cryptocurrency.
Throughout his nearly 50-minute speech, Trump repeatedly contrasted his support for cryptocurrency with the Biden administration's efforts to regulate the industry, telling the crowd that the federal government was "blocking their way." He indicated that he would adopt more cryptocurrency-friendly regulations compared to likely Democratic candidate, Vice President Kamala Harris.
The Republican Party has promised lighter regulations for cryptocurrencies, and Trump has criticized the Democrats' attempts to regulate the sector.
Trump's Cryptocurrency Policies: Key Questions and Answers
With Donald Trump's recent statements on cryptocurrencies, there are several questions on the minds of enthusiasts and investors alike. Here are some of the most relevant questions and answers regarding his proposed policies.
What does Trump plan to do with the U.S. government's current holdings of cryptocurrencies?
Trump plans to create a "strategic reserve" of bitcoins using the cryptocurrencies currently held by the U.S. government.
How does Trump’s stance on cryptocurrencies differ from that of the current administration?
Trump has promised more cryptocurrency-friendly regulations, contrasting sharply with the Biden administration's efforts to impose stricter controls on the industry.
Who is Gary Gensler, and why does Trump want to remove him?
Gary Gensler is the chairman of the Securities and Exchange Commission (SEC). Trump wants to remove him due to his regulatory stance on cryptocurrencies, which Trump believes is too restrictive.
What was Trump's previous opinion on cryptocurrencies?
In 2019, Trump criticized cryptocurrencies, describing their value as "highly volatile" and based "on thin air." However, his stance has since shifted to a more supportive view.