Regulation
Donald Trump Reiterates Support for Cryptocurrencies, Vows to Fire Gary Gensler on Day One
Former US President and Republican presidential candidate Donald Trump has reiterated his unwavering support for the cryptocurrency industry. Speaking at the Bitcoin Conference in Nashville, Tennessee, USA, the billionaire and former Bitcoin critic outlined several cryptocurrency adoption plans he intends to implement in office if elected, some of which include significant regulatory changes.
Trump Says SEC Chairman Gary Gensler Will Be Fired on Day One
According to Donald Trump, his first action in the adoption of cryptocurrencies as President of the United States will be the immediate firing of the Chairman of the United States Securities and Exchange Commission (SEC), by Gary Gensler. Certainly, this promise is destined to find confirmation in the 52 million cryptocurrency users in the United States as Gensler is widely regarded as a staunch “anti-crypto” regulatory official.
While the SEC may have approved the Bitcoin AND Ethereum Spot ETFs During Gensler’s tenure, the Commission also earned a bad reputation for cracking down on cryptocurrency companies through enforcement actions and refusing to formulate new regulations tailored to the particularities of the digital asset sector.
Donald Trump said he will nominate a new SEC chairman who will support the growth of cryptocurrencies, as he believes America should help build the future rather than “lock it in.” The presidential candidate also promised to protect the industry from anti-crypto regulations from Bitcoin Critic Elizabeth Warren and Other Lawmakers and generally reverse the Joe Biden administration’s “anti-crypto” stance.
Along with this fundamental policy shift, the former US President also reiterated his plans to create a national Bitcoin reserve by converting the cryptocurrency market leader into a strategic reserve asset for the US dollar. He also promised that the US government would retain ownership of all Bitcoin in its possession rather than engage in a market fire sale. Donald Trump also assured cryptocurrency users that he will halt any US government central bank digital currency (CBDC) projects and will continue to maintain their right to self-custody of their assets.
Trump Plans to Turn US into Crypto Hub
If elected, Donald Trump has also expressed his intentions to transform the United States into the crypto capital and the world’s Bitcoin superpower. The billionaire has taken a pro-Bitcoin stance, claiming that the asset will surpass gold’s market cap in the coming years. He urges all current investors to hold on to their assets, promising that Bitcoin and other tokens will “skyrocket like never before” if he wins as president.
As time goes by, the cryptocurrency industry continues to gain more and more attention ahead of the upcoming US elections in November. With Donald Trump’s pro-crypto stance, some Democrats they wrote now to the Democratic National Committee calling for a change in the party’s anti-cryptocurrency policy. Specifically, they advised new Democratic presidential candidate Kamala Harris to adopt a pro-crypto vice presidential candidate to improve the party’s chances in the election.
Featured image from Britannica, chart from Tradingview.com