Former US President and Republican Presidential candidate Donald Trump has reaffirmed his unwavering support for the crypto industry. While speaking at the Bitcoin Conference, in Nashville, Tennessee, USA, the billionaire and former Bitcoin critic outlined numerous crypto adoption plans he intends to implement in office if elected, part of which included significant regulatory changes.
According to Donald Trump, his first action in embracing crypto adoption as US President will be the immediate dismissal of US Securities and Exchange Commission (SEC) Chairman, Gary Gensler. Certainly, this promise is likely to resonate with the 52 million US crypto users as Gensler is widely viewed as a staunch “anti-crypto” regulatory officer.
While the SEC may have approved the Bitcoin and Ethereum spot ETFs under Gensler’s time in office, the Commission has also gained a notorious reputation for cracking down on crypto companies through enforcement actions and refusing to formulate new regulations tailored towards the peculiarity of the digital asset industry.
Donald Trump said he will appoint a new SEC Chairman who will support the growth of cryptocurrencies, as he believes America should help build the future rather than “block” it. Furthermore, the Presidential candidate has promised to protect the industry from anti-crypto regulations from Bitcoin critic Elizabeth Warren and other legislators and generally reverse the “anti-crypto” stance of the Joe Biden administration.
Alongside this pivotal policy change, the former US President also reiterated his plans to create a national Bitcoin stockpile converting the crypto market leader into a strategic reserve asset for the US dollar. Furthermore, he promised the US government would retain ownership of all Bitcoin in its possession rather than engage in a market sell-off. Donald Trump has also assured cryptocurrency users that he will terminate any central bank digital currency (CBDC) project by the US government, and continually their right to self-custody of their assets.
If elected into office, Donald Trump has also expressed his intentions to convert the US into the crypto capital and Bitcoin superpower of the world. The billionaire has assumed a pro-Bitcoin status backing the asset to surpass the market cap of gold in the coming years. He urges all present investors to retain their assets while promising that Bitcoin and other tokens will “skyrocket like never before” if he wins as president.
As time passes, the crypto industry continues to gain more attention in regard to the upcoming US elections in November. With Donald Trump’s pro-crypto stance, certain democrats have now written to the Democratic National Committee calling for a change in the party’s hostile policy towards crypto assets. Notably, they have advised new Democratic Presidential candidate Kamala Harris to adopt a pro-crypto Vice Presidential candidate to improve the party’s chances at the poll.
Featured image from Britannica, chart from Tradingview.com
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