Regulation
Trump’s Bitcoin 2024 Keynote Address Includes Plan for US Bitcoin Reserve
Republican presidential candidate Donald Trump spoke at the Bitcoin 2024 conference in Nasvhille, praising the cryptocurrency industry and announcing his plan for a national Bitcoin reserve.
Trump is betting everything on cryptocurrencies
At the conference just concluded Bitcoin Conference 2024 Today, July 27, in Nashville, former President Donald Trump gave a highly anticipated keynote speech, in which he emphasized his very positive stance on cryptocurrencies.
Trump used the occasion to emphasize his support for the cryptocurrency industry and to advocate for deregulation. He managed to mention several key pain points for the industry, including the current US SEC chairman, SAB 121, CBDCs, stablecoins, and the current administration’s approach to cryptocurrencies.
Since cryptocurrency proponents had a lot hopedThe former president has indeed announced a plan to create a “strategic national Bitcoin reserve” in the United States, if elected:
“It shall be the policy of my Administration, United States of America, to retain 100% of all Bitcoin that the United States Government currently holds or acquires in the future. […] This will, in effect, serve as the core of the Bitcoin Strategic National Reserve.”
‘The Crypto Capital of the Planet’
At the beginning of his speech, Trump emphasized that his support for the cryptocurrency industry is motivated by a desire to advance the United States as a world leader in the sector, promising the Bitcoin 2024 audience that, if elected, he would transform the United States into the “cryptocurrency capital of the world”:
“If we don’t embrace cryptocurrency and Bitcoin technology, China will, other countries will, they will dominate. […] We want China to succeed, but we have to be the most successful.”
In a clear nod to the cryptocurrency industry’s frustration with the current leadership in Washington, Trump also said, “On day one, I will fire Gary Gensler and appoint a new SEC chairman,” prompting applause and chants from the audience. Gensler, the current chairman of the U.S. Securities and Exchange Commission, who was appointed by President Biden, has persecuted a much-criticized enforcement-based regulatory policy targeting the cryptocurrency industry.
The former US president also said that Democratic Party presidential nominee Kamala Harris is “anti-cryptocurrency.” Earlier today, FT reported that members of Harris’ team had reached out to key representatives of U.S. cryptocurrency firms in an attempt to “repair relationships.”
Trump also referred to the much-discussed and controversial banking rule, SAB121requiring U.S. banks to treat cryptocurrency custody differently than other assets. Trump said he would “immediately shut down Operation Choke Point 2.0,” using the cryptocurrency industry term for what is perceived as anti-crypto regulatory policy in the U.S., including rules like SAB 121.
Trump’s endorsement of cryptocurrencies could have a significant impact on the political landscape, further cementing him as a major supporter of the cryptocurrency industry, at odds with the Democratic leadership.
AS reported According to CNBC today, the Republican presidential candidate also hosted a fundraiser in Nashville, where ticket prices reached $844,600.
Trump’s Shift from Critic to Supporter
Donald Trump has significantly moved his stance on cryptocurrency in recent years. In 2019, while still president, Trump criticized Bitcoin and other digital currencies, saying he was “not a fan” and arguing that the valuations of Bitcoin and other cryptocurrencies were “based on nothing.” He also raised concerns that unregulated cryptocurrencies could enable illegal activity.
By 2021, Trump’s criticisms intensified. He called Bitcoin “a scam” and argued that the U.S. dollar should remain the dominant global currency. His administration has also implemented stricter regulations on cryptocurrencies.
However, Trump has since fully inverted his position, actively seeking (and clearly gaining) the support of the cryptocurrency industry during his 2024 election campaign.
As Trump reminded the Bitcoin 2024 audience today, he is the first presidential candidate to receive cryptocurrency donations. His campaign was accepting cryptocurrency donations since May, raising over $4 million in cryptocurrency since then.