Regulation
Trump Vows to Make US Crypto Capital of the World and Bitcoin Superpower
JAKARTA – In a speech at the 2024 Bitcoin Conference in Nashville, Tennessee, former Republican President and Republican Speaker Donald Trump vowed to make the United States a “cryptocurrency capital of the world and a Bitcoin superpower” if he is re-elected.
Trump said he would establish “a council of advisors to the president on Bitcoin and cryptocurrency,” who would be given 100 days to “design transparent regulatory guidance in the best interest of the entire industry.”
Although Trump has previously publicly opposed cryptocurrencies, his latest statement appears to be a step toward grabbing the attention of the tech industry, which has long called for more flexible regulatory oversight. Trump also promised to “hold all the Bitcoin that the United States currently has” for the future. The U.S. government is said to have billions of dollars in Bitcoin.
About three years ago, Trump once called Bitcoin a “fraud” that competes with the dollar. However, in February 2024, he said that the formation of a central bank digital currency would be a “dangerous threat to freedom.”
In May, Trump said he was “good with [crypto]adding, “If you’re pro-crypto, you better go for Trump.” That same month, Trump said he would reduce the sentence of Silk Road founder Ross Ulbricht, and his campaign said it would accept cryptocurrency donations.
The latest comments from Trump and independent presidential candidate Robert F. Kennedy Jr. have helped propel crypto regulation into a major political issue in the 2024 U.S. presidential election. The statement also comes as the SEC ramps up its oversight of the cryptocurrency industry. SEC Chairman Gary Gensler, who was appointed by President Joe Biden, called the industry “rife with fraud, schemes, bankruptcy, and money laundering.”
During the conference, Trump received applause after promising to “fire” Gensler. The president of the United States has the power to appoint the heads of many federal commissions, including the SEC.
As Biden withdrew from the race, campaign adviser Vice President Kamala Harris reportedly reached out to crypto leaders in an effort to reconnect with the industry. Harris’s campaign has not said whether her stance on the industry differs from Biden’s.
Label:
Donald Trump
Bitcoin