Trump Vows to Unleash Crypto in Second Term
President Donald Trump has made a surprising shift in his stance on cryptocurrencies. At the 2024 Bitcoin Conference in Nashville, he declared war on the Biden administration’s “anti-crypto crusade” and promised to make the United States the “crypto capital of the planet” if re-elected.
Trump’s speech was a stark contrast to his previous criticisms of Bitcoin, which he once described as “based on thin air”. Now, he sees Bitcoin as a symbol of “freedom, sovereignty, and independence from government coercion and control”.
Here’s what Trump outlined as part of his crypto-friendly agenda:
- End the “anti-crypto crusade”: Trump vowed to dismantle what he sees as the Biden administration’s efforts to stifle cryptocurrency innovation.
- Fire SEC Chairman Gary Gensler: He blamed Gensler for pushing “aggressive” and overly strict crypto regulations.
- Create a Bitcoin and Crypto Presidential Advisory Council: Trump promised to give the crypto industry a voice in policymaking by establishing a dedicated council.
- No Bitcoin sell-off: He assured attendees that the federal government would not sell its Bitcoin holdings, a departure from traditional government approaches to asset management.
The Biden administration has indeed taken steps to regulate crypto, including proposing a US Central Bank Digital Currency. Trump’s promise to “unleash” crypto is likely to resonate with those who believe that government intervention stifles innovation. While Trump’s new crypto enthusiasm might seem surprising, it reflects the growing influence of cryptocurrencies in the political sphere.
