Cryptocurrencies - Trump opposes Bitcoin-community
Republican presidential candidate Donald Trump expressed pro-Bitcoin views at the Bitcoin conference in Nashville. He announced that, if re-elected, he would dismiss Gary Gensler, the head of the US Securities and Exchange Commission (SEC), on the first day in office. The SEC under Gensler has been skeptical of cryptocurrencies. "Bitcoin stands for freedom, sovereignty, and independence from government coercion and control," Trump said.
Trump promised to set up a Bitcoin and Cryptocurrency Council at the White House. This council would draft "transparent regulatory guidelines to the benefit of the entire industry" within the first 100 days of his tenure. There would be rules, but they would be made by people "who love your industry and not hate it," Trump said.
The Republican also announced that he would keep 100% of the Bitcoins the US government currently holds or will acquire in the future as part of a "strategic national Bitcoin reserve." Trump declared himself the "Pro-Bitcoin President" America needs. The industry had promised more, particularly a firm commitment that BTC would be a part of the US financial reserves. Trump did not mention active buying.
As President (2017-2021), Trump was still among the known crypto-skeptics. "I'm not a fan of Bitcoin and other cryptocurrencies," Trump tweeted on July 12, 2019 (today X). Cryptocurrencies were not money, fluctuated greatly in value, and were based on thin air. "Unregulated crypto assets can facilitate illegal activities, including drug trafficking and other illicit activities."
Even after his loss to Joe Biden, Trump maintained his anti-Bitcoin rhetoric and called Bitcoin & Co. a "scam against the Dollar" in 2021. However, this changed a year later: In December 2022, Trump attempted to make money with digital crypto collectibles (NFTs). In May 2024, Trump announced that he would accept crypto donations during his campaign. His campaign, according to Barron's magazine, had already collected over $4 million in Bitcoin and other tokens.
The political action committee Fairshake, which supports cryptocurrencies, had reportedly raised around $170 million, making it one of the largest PACs in this election cycle. Some venture capitalists, including investor legends Marc Andreessen and Ben Horowitz, had stated they would support Trump because they were unhappy with the Democrats' crypto policies. Trump's vice presidential candidate J.D. Vance, according to his own statements, is a crypto investor.
Trump on Cryptocurrencies in July 2019
- Despite expressing pro-Bitcoin views during the 2024 election campaign, Trump had previously been skeptical of cryptocurrencies while serving as the United States President from 2017 to 2021.
- In contrast to his earlier views, Trump announced in May 2024 that he would accept crypto donations for his campaign, a move that attracted support from venture capitalists like Marc Andreessen and Ben Horowitz.
- The SEC under Gary Gensler's leadership has often been critical of cryptocurrencies, a stance that Trump, if re-elected, pledged to change by setting up a Bitcoin and Cryptocurrency Council to draft transparent regulatory guidelines.
- Trump's proposed council aims to create rules that will benefit the entire cryptocurrency industry, with people who are sympathetic to the industry making the rules, rather than those who are skeptical.
- The United States Securities and Exchange Commission (SEC) Market Regulation has been a significant hurdle for the cryptocurrency industry in the United States of America, and Trump's proposal aims to address this issue.
- Trump's promise to keep 100% of the Bitcoins the US government currently holds or will acquire as part of a "strategic national Bitcoin reserve" was seen as a significant move to legitimize cryptocurrencies in the eyes of the government.
