Donald Trump, speaking at the Bitcoin 2024 conference in Nashville, pledged to remove SEC Chair Gary Gensler if elected in November.
He also promised to prevent the US from selling its Bitcoin and create a “strategic BTC reserve.”
Trump Vows to Replace SEC Chair, Build Bitcoin Reserve
Donald Trump spoke at the Bitcoin 2024 conference in Nashville, detailing his plans for the cryptocurrency industry. He arrived on stage an hour later than expected but delivered a speech that covered a wide range of campaign topics, including specific promises related to Bitcoin and the broader crypto sector.
During his speech, Trump surprised the audience with a promise to replace SEC Chair Gary Gensler if he wins the election. The crowd responded with cheers, as Gensler is seen by many in the crypto community as an adversary. They believe his policies unfairly target crypto companies by classifying most digital assets as unregistered securities.
Trump also stated his intention to prevent the US government from selling its bitcoin holdings, which include approximately 213,000 bitcoin worth nearly $14.5 billion, based on data from Arkham.
“It will be the policy of my administration…to keep 100% of all the Bitcoin the US government currently holds or acquires into the future. This will serve in effect as the core of the strategic national bitcoin stockpile…It’s been taken away from you,” Trump said.
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Additionally, Trump reiterated his previous commitments to commute the sentence of Silk Road founder Ross Ulbricht and to halt the development of a Central Bank Digital Currency (CBDC) by the US government. He expressed support for the development of stablecoins in the US and stressed out his backing of the mining industry.
To conclude, Trump declared, “I will be the pro-innovation and pro-Bitcoin candidate that America needs and that our citizens deserve.”
Following Trump’s speech, the price of bitcoin dropped to $66,600, a decrease from its daily high of around $69,400. However, the price rebounded shortly after the speech, reaching approximately $68,500, according to BeInCrypto data.
Senator Lummis Proposes US Treasury Buy 1 Million BTC
Cynthia Lummis echoed Trump’s pro-Bitcoin sentiment. Shortly after his speech, “Bitcoin senator” and a Republican from Wyoming announced her plan to introduce a bill to create a “Bitcoin strategic reserve.” The proposed reserve would eventually hold 1 million Bitcoin, equivalent to 5% of the world’s supply.
According to Lummis, the bill proposes that the US Treasury self-custody the bitcoins across various locations, holding them for at least 20 years unless sold to reduce the debt.
“We know from modeling the numbers and past experience with bitcoin that it can be a game changer for the mess the United States has with its debt and deficits,” she said.
Lummis also suggested the Treasury should take custody of the 210,000 BTC held by the Department of Justice and other agencies, acquired mostly through criminal seizures.
“We have a strategic oil reserve. We hold gold. So the idea of a strategic reserve used specifically to reduce the debt solves so many problems that it almost seems inherently obvious,” she remarked.
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At the three-day conference, Trump and Lummis were not the only politicians advocating for a Bitcoin reserve. Independent candidate Robert F. Kennedy, Jr. also endorsed the idea, proposing a “strategic reserve” of 4 million Bitcoin during his Friday evening speech.
“Implementation of a US strategic Bitcoin reserve will require legislative and technical processes but what is clearly meaningful is that politicians and prominent industry leaders are explicitly stating their positions, recognizing the value of bitcoin in the monetary system, and making it clear that crypto is important on their agenda. This likely means more regulatory clarity as governments need to make their stance clear. The bottom line is the two presidential candidates’ pledge is increasing recognition of bitcoin as a legitimate financial instrument,” Catherine Chen, Binance Head of VIP & Institutional, told BeInCrypto.
Cryptocurrency has become a major topic in politics, whether people like it or not. The outcome of the next US presidential election will greatly affect the direction of the crypto industry. The policies set by the future administration could either support or challenge the growth and regulation of digital assets in the coming years.
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