Donald Trump Makes Five Major Promises to the Cryptocurrency Industry

Former President Donald Trump was at the center of the scene at Bitcoin conference in Nashville, Tennessee, on Saturday where he made big promises to the cryptocurrency industry and solidified his position as a candidate for the 2024 presidential election.

Speaking to a packed house of more than 3,000 attendees, the former president’s remarks marked a sharp shift in his stance on digital assets and highlighted the growing influence of the powerful cryptocurrency voting bloc within his own party.

Here are five promises that Trump, the Republican presidential candidate, has made to the cryptocurrency industry.

Vowed to Fight Inflation with Crypto-Friendly Policies

Trump has touted Bitcoin as a potential hedge against rising inflation, in line with voters’ growing concerns about the economy.

On Saturday, he stressed the importance of adopting cryptocurrency as a tool to combat inflationary pressures, saying: “Bitcoin stands for freedom, sovereignty and independence from government coercion and control.”

“Our nation has never prospered by trying to censor new ideas and stifle the dreams of our people,” he said.

Promised to encourage innovation in power plants and electric vehicles

While specific details were limited, Trump hinted at policies that would encourage the use of excess power from power plants for bitcoin mining and explore synergies between the cryptocurrency sector and the electric vehicle (EV) sector. This promise is in line with growing interest in sustainable cryptocurrency mining practices and the potential of blockchain technology to disrupt the energy sector.

He promised to fire Securities and Exchange Commission Chairman Gary Gensler

In a move that drew thunderous applause, Trump promised, “On day one, I will fire Gary Gensler,” referring to the current chairman of the Securities and Exchange Commission (SEC). He vowed to lift restrictions imposed by the Biden administration, calling them an “anti-crypto crusade.” The promise resonates with many in the cryptocurrency community who view the SEC’s current policies as overly restrictive.

However, presidents cannot directly fire SEC commissioners, which could complicate the implementation of this promise if Trump is reelected in November.

Newsweek reached out to Gensler’s office via email on Saturday for comment.

Former President and 2024 Republican presidential candidate Donald Trump delivers a keynote speech on the third day of the Bitcoin 2024 conference on Saturday in Nashville, Tennessee. Trump took center stage at the conference, making big promises to the cryptocurrency industry and cementing his position as the cryptocurrency frontrunner for the 2024 presidential election. More Getty Images/Jon Cherry

Pledge to end “Operation Choke Point 2.0”

Trump has announced plans to create “a presidential advisory council on bitcoin and cryptocurrencies” if he takes office.

“The rules will be written by people who love your industry, not hate it,” the former president said. This commitment suggests a more collaborative approach to cryptocurrency regulation, with industry insiders having a seat at the table.

The proposed council could potentially shape policies that are more conducive to cryptocurrency innovation and adoption. Trump also pledged to end what he called “Operation Choke Point 2.0,” referring to alleged efforts by federal regulators to discourage banks from working with cryptocurrency companies.

This promise addresses a key concern in the cryptocurrency community regarding access to traditional banking services and suggests a more crypto-friendly regulatory environment under a potential Trump administration.

Guaranteed to Maintain Bitcoin’s Leadership in America

The former president vowed to ensure U.S. leadership in cryptocurrency, warning that if America doesn’t take the lead, “China will.” The pledge is in line with Trump’s longstanding “America First” economic policies and taps into concerns about maintaining U.S. technological supremacy. Trump stressed the need for America to remain at the forefront of cryptocurrency development, framing it as a matter of national economic security.

The pledges mark a sharp reversal from Trump’s previous stance on cryptocurrencies. During his presidency, he tweeted in 2019 that he was “not a fan” of bitcoin and other cryptocurrencies, describing their value as “based on nothing.”

Newsweek contacted the Trump campaign via email on Saturday seeking comment.

Trump’s recent change of heart and embrace of cryptocurrency has energized the industry, with many seeing the upcoming election as a critical opportunity to reshape what they perceive as hostile U.S. regulations. The former president has not shied away from partisan rhetoric, warning that a Democratic victory would be disastrous for the cryptocurrency industry.

“If they win this election, every single one of you will be gone. They will be vicious. They will be ruthless,” Trump warned on Saturday.

On Saturday morning, more than 20 Democratic lawmakers, including the vice president My life is nicereportedly signed a statement calling on the Democratic National Committee (DNC) to abandon anti-bitcoin policies associated with the senator Elizabeth Warren.

Warren said during an interview in May that she was “concerned about anyone in Congress that he is not concerned about the threat posed by Iran and North Korea and their use of cryptocurrencies,” and has publicly stated that anti-cryptocurrency crusade.

This shift in Democratic position is reportedly influenced by recent polling data, Republican The party’s pro-bitcoin policies and Trump’s high-profile appearance at the Bitcoin Conference. The move suggests growing recognition within the Democratic party of the potential electoral importance of cryptocurrency-friendly policies.

As the first U.S. president to appear at a bitcoin event, Trump’s presence underscores the cryptocurrency’s growing importance in the political landscape. His newfound support for the sector, combined with perceived hostility from the Biden administration, has led many traditionally Democratic voters in the tech and finance sectors to consider supporting Trump this year.

However, with the Democrats‘ apparent change of heart, the political landscape surrounding cryptocurrency regulation appears increasingly fluid. As Harris emerges as the likely Democratic nominee after President Joe Biden he withdrew from the race on Sunday and supported herHarris’s signature on the pro-crypto statement signals a potential sea change in the party’s approach.

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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

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