Donald Trump, the Republican presidential candidate, spoke to over 20,000 pro-crypto attendees at the “world’s largest Bitcoin conference” in Nashville, Tennessee, on Saturday. Trump pledged to end the current administration’s “war on crypto” and introduce policies that support the cryptocurrency industry.
Trump became the first U.S. president to address the Bitcoin Conference. During his speech, he outlined his administration’s plans to enact pro-crypto legislation within the first 100 days if he is elected. He emphasized his commitment to establishing an advisory board specializing in cryptocurrencies to help create transparent regulations for the industry. Additionally, Trump vowed that his administration would not support the development of a central bank digital currency (CBDC) and promised to safeguard American citizens’ financial autonomy and privacy.
Checking Twitter this morning. Catching up on the Trump speech. – Promises to fire Gary– Bitcoin placed in a strategic reserve & never sell– End operation chokepoint – Pro crypto legislation in first 100 daysWow! Can't wait to check the markets. We must be at new ATHs…
— Nic (@nicrypto) July 28, 2024
Trump to fire SEC chair and free Ulbricht
Donald Trump received significant applause for his promise to fire U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on his first day in office. He assured attendees that he would appoint a new SEC chair who supports the future growth of the crypto industry. Trump also pledged to release Ross William Ulbricht, the creator of the Silk Road marketplace on the dark web, who is currently serving a life sentence.
Furthermore, Trump committed to utilizing Bitcoin as a strategic reserve, ensuring that any Bitcoin acquired or already held by the government would not be sold. He also vowed to end Operation Choke Point 2.0, a government program discouraging traditional financial institutions from serving crypto businesses.
Trump’s proposals are expected to impact the cryptocurrency landscape in the United States significantly. He stated, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
Other speakers and responses
Independent presidential candidate Robert F. Kennedy Jr. also spoke at the event, expressing his support for Bitcoin and proposing it should be considered a national strategic asset. In contrast, Democratic presidential candidate Kamala Harris declined the invitation to the conference.
The reasons for her decision remain unknown, and she has not yet declared her stance on cryptocurrencies. Vice President Harris has faced criticism from the crypto community for her association with the Biden administration. Ripple CEO Brad Garlinghouse commented that being anti-crypto does not garner support for Democrats, while Republicans are gaining votes by supporting the industry.
Trump’s shift in stance on Crypto
During his previous tenure as U.S. president, Donald Trump was critical of the cryptocurrency industry, referring to Bitcoin as highly volatile and based on thin air. However, his current presidential campaign has fully embraced digital assets.
In May, Trump began accepting cryptocurrency donations and has since raised over $25 million in digital assets. The Winklevoss twins, prominent figures in the crypto community, each donated $1 million (15.47 BTC) to his campaign and publicly declared their intention to vote for him in the upcoming election.
Trump’s recent commitments to the cryptocurrency industry mark a significant shift from his earlier views, reflecting a broader acceptance of digital assets within his campaign strategy. If elected, the proposals and promises made at the Nashville Bitcoin Conference highlight his intention to foster a crypto-friendly environment in the United States.
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