By George Ward
Former President Donald Trump has promised to transform the United States into a dominant force in the world of cryptocurrency. Speaking at the Bitcoin 2024 conference in Nashville, the Republican presidential aspirant laid out his intentions to make the US a “Bitcoin superpower.”
Trump’s Sharp Turn
His latest statement marks a sharp turn from Trump’s earlier statements about Bitcoin. In the past, he has called Bitcoin a scam and a competitor to the US dollar. Now, he sees it as a crucial part of the nation’s economic strategy.
Trump, while lauding the impact of Bitcoin in today’s world, faulted Joe Biden and Kamala Harris’ approach to crypto regulation. Trump stated that Bitcoin represents freedom, autonomy, and independence from government interference. He criticized the Biden-Harris administration’s efforts to restrict cryptocurrency and Bitcoin, calling it unjust and harmful to the country, and even went as far as labeling it “un-American.”
Trump’s Vision for Bitcoin Dominance
Furthermore, Trump promised to end President Joe Biden and Vice President Kamala Harris’ “anti-crypto crusade.” Trump’s plan includes firing Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), on his first day back in office.
The US presidential aspirant added that he would replace Gensler with someone who would be more favorable to the cryptocurrency industry. Trump also announced the intention to create a national Bitcoin reserve. He stated that the federal government would keep and expand its BTC holdings, making this reserve a strategic asset for the country.
A Positive Shift in Crypto Regulations
In addition to creating a national reserve, Trump plans to form a Bitcoin and cryptocurrency advisory council. This council will be tasked with designing regulatory guidance for the industry.
Trump has made it clear that he opposes the development of a central bank digital currency (CBDC). Hence, he pledged that there would never be a CBDC under his administration.
He also emphasized the importance of self-custody rights and stablecoins, which he believes will help maintain the US dollar’s dominance. Trump’s speech at the Bitcoin 2024 conference comes as part of his broader campaign to win back the presidency. His embrace of the cryptocurrency sector could sway crypto enthusiasts’ votes in his favor.
Trump’s Rivals Push Bold Crypto Strategies
Meanwhile, independent presidential candidate Robert F. Kennedy Jr., who was also among the speakers at the event, proposed an executive order that would transfer BTC held by the Federal Reserve into a strategic national reserve.
He also suggested that the Treasury Department would purchase 500 BTC daily until the Federal Reserve has at least four million BTCs. Kennedy believes this would give the US a more dominant position in the global cryptocurrency market. Meanwhile, Harris’s campaign advisers have been reaching out to key players in the crypto industry to develop relationships that could shape future regulatory frameworks.
Tech Titans Pick Sides
Moreover, some prominent figures in the tech industry are aligning themselves with different candidates based on their intended crypto policies. Venture capitalists like Ben Horowitz, Marc Andreessen, and the Winklevoss twins have backed Trump.
On the other side, former Meta COO Sheryl Sandberg, LinkedIn co-founder Reid Hoffman, and investor Ron Conway have publicly endorsed Vice President Kamala Harris. Based on current developments, the upcoming presidential election is set to be a significant turning point for cryptocurrency regulation in the United States.