3 months ago
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Speaking to a crowd of supporters at the Bitcoin 2024 Conference in Nashville, Tennessee, former president and Republican nominee Donald Trump said he would make the U.S. the “crypto capital of the planet and the Bitcoin superpower” if elected.
Trump added that he would “appoint a Bitcoin and crypto presidential advisory council,” which would have 100 days to “design transparent regulatory guidance for the benefit of the entire industry.”
Trump publicly opposed cryptocurrencies until recently. His latest statements serve as an appeal to an industry that’s long demanded looser regulatory oversight.
Shortly after walking on stage, Trump spent several minutes name-checking some of the conference’s attendees, at one point describing Winklevoss twins Cameron and Tyler as “male models with a big, beautiful brain.” The former president went on to speak out against electric-car mandates, and called for more fossil-fuel power plants.
Trump also said that he would direct the U.S. to hold onto all of the Bitcoin it currently possesses “into the future.” The U.S. government currently holds billions of dollars in Bitcoin.
About three years ago, Trump called Bitcoin “a scam” that’s “competing against the dollar.” His scrutiny continued as recently as February 2024, when the former president said establishing a central bank digital currency would pose a “dangerous threat to freedom.” Yet by May, Trump declared that he is “fine with [crypto],” adding, “if you’re in favor of crypto you’d better vote for Trump.” The same month, he said he would commute Silk Road founder Ross Ulbricht’s sentence, and his campaign announced it would accept cryptocurrency donations.
Support from Trump, alongside independent presidential candidate Robert F. Kennedy Jr., has helped propel cryptocurrency regulation into a prominent policy issue in the 2024 U.S. presidential election. It comes as the SEC ramps up scrutiny of the cryptocurrency industry. SEC chair Gary Gensler, who was nominated by President Joe Biden, has called the business “rife with fraud, scams, bankruptcies and money laundering.”
During the conference, Trump drew cheers after saying he’ll “fire” Biden-nominated Securities and Exchange Commission Chair Gary Gensler. (U.S. Presidents have the power to appoint the heads of many federal commissions, including the SEC.)
With Biden out of the race, advisors to Vice President Kamala Harris’ campaign have reportedly reached out to crypto leaders in an attempt to “reset” relations with the industry. Harris’ campaign has not yet said whether her stance on the industry differs from Biden’s.
