Former President Donald Trump, speaking at the world’s largest bitcoin conference in Nashville, Tennessee, emphasized his ambition for the U.S. to become the “crypto capital of the planet” and a “bitcoin superpower of the world” should he win the upcoming election. Trump underscored the importance of crypto being “mined, minted, and made in the USA,” expressing his desire for the U.S. to lead the global digital asset industry.
Regulatory Changes and Leadership Overhaul
During his address, Trump announced his intention to overhaul the current regulatory framework by removing Gary Gensler, the current chair of the Securities and Exchange Commission (SEC). Gensler has been known for his stringent regulatory approach towards the digital assets industry. Trump proposed the creation of a crypto advisory council and a more industry-friendly regulatory environment. “We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” Trump stated.
The SEC, under Gensler’s leadership, initially rejected spot bitcoin exchange-traded funds (ETFs). However, a federal court ruling mandated the approval of these financial products. Consequently, the first spot bitcoin ETFs were approved in January, followed by the approval of the first ethereum ETFs last week.
JD Vance as Running Mate and Crypto Advocate
Trump has selected Senator JD Vance, R-Ohio, as his running mate. Vance, a prominent supporter of pro-crypto legislation, holds bitcoin in his investment portfolio and has been a vocal critic of Gensler’s regulatory stance. Vance’s inclusion on the ticket signals a clear alignment with Trump’s pro-crypto agenda.
In his speech, Trump highlighted the benefits of retaining the federal government’s holdings of bitcoin and other digital assets seized during investigations. “For too long, our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump declared. He committed to a policy where the U.S. government would keep all bitcoin it currently holds or acquires in the future, reversing the current policy of auctioning off seized crypto assets.
Shift in Trump’s Crypto Stance
Trump’s current pro-crypto position marks a significant shift from his previous criticisms during his first term in office. In a 2019 social media post, Trump criticized digital assets, stating their “value is highly volatile and based on thin air.” His recent warming to the crypto industry includes his campaign accepting donations in cryptocurrency, reflecting a broader acceptance and strategic pivot towards digital assets.