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Trump Vows Crypto Support, Pledges to Fire SEC Chair

At Bitcoin 2024, Trump promised to fire SEC Chair Gary Gensler and make the U.S. the cryptocurrency capital of the world, appealing to crypto voters and donors.

1 min 38 secJuly 28, 2024
Trump Vows Crypto Support, Pledges to Fire SEC Chair

Could Donald Trump become the crypto industry's biggest ally? The former president recently addressed one of the year's largest cryptocurrency events. Bitcoin 2024 was held in Nashville, Tennessee. Trump vowed to support the crypto sector if re-elected. He plans to start with firing SEC Chair Gary Gensler on day one.

 

During his keynote speech, Trump declared his intention to dismiss Gensler. Gensler has led a crackdown on the crypto industry under President Joe Biden. This announcement elicited loud cheers and chants of “Trump” from the audience. Trump’s speech marked a significant shift from his 2021 stance when he called Bitcoin a “scam.”

 

 

Trump aims to make the U.S. the cryptocurrency capital of the world. He promised to retain 100% of the Bitcoin the government holds or acquires, creating a “national Bitcoin stockpile.” He also plans to appoint a Bitcoin and crypto presidential advisory council immediately upon re-election.

 

Addressing the substantial energy needs of crypto mining Trump proposed building power plants fueled by fossil fuels. These plants would support the industry. His energy plan underscores a commitment to ensuring the infrastructure needed for a thriving crypto sector.

 

Trump’s crypto-friendly stance has garnered support from tech giants like Tesla founder Elon Musk and the Winklevoss twins. They are prominent figures in the cryptocurrency world. Since allowing crypto donations Trump’s campaign has raised $25 million. It’s unclear how much came from cryptocurrencies.

 

 

Trump framed cryptocurrency regulation as a partisan issue. He criticized the Biden administration as “anti-crypto.” Several Republican lawmakers attended the event, including Senators Tim Scott and Tommy Tuberville. Trump ally Vivek Ramaswamy was also present, highlighting the political divide on crypto.

 

Trump's speech at Bitcoin 2024 reflects his strategic pivot towards embracing cryptocurrency. He promised significant policy changes to support the industry. Will his bold promises and crypto advocacy resonate with voters and reshape the political landscape?

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