- Trump proposes a “strategic national bitcoin stockpile” to enhance U.S. economic security.
- Trump criticizes SEC’s crypto policies under Gensler, and pledges to replace him with a more favorable approach.
- Trump opposes U.S. CBDC, and supports stablecoins and bitcoin mining, aiming to bolster the crypto industry.
In a recent speech at the Bitcoin 2024 conference held in Nashville, former President Donald Trump outlined several key policies regarding the crypto sector, which included maintaining a strategic Bitcoin reserve and reconfiguring the U.S. Securities and Exchange Commission’s (SEC) leadership.
During his address, Trump announced his intention to halt the sale of the U.S. government’s bitcoin holdings, proposing the establishment of a “strategic national bitcoin stockpile.”
Based on information from Arkham, the government presently has over 213,000 Bitcoins, which are worth close to $14.5 billion. Trump underlined the need to hold onto these resources, declaring that they would serve as the foundation of the American strategic reserves, which are intended to improve national economic security.
Trump criticized current SEC policies under Chair Gary Gensler, who he pledged to replace if re-elected. He described Gensler as a figure who has been overly punitive toward cryptocurrency companies, noting that Gensler views most digital assets as illegally issued securities. This stance by the SEC has been a point of contention within the crypto community, which generally perceives these regulations as excessively stringent.
Furthermore, Trump spoke against the development of a Central Bank Digital Currency (CBDC) by the U.S. government and reiterated his support for the growth of stablecoins and the bitcoin mining sector in the country. He positioned himself as the “pro-innovation and pro-bitcoin candidate,” promising a more favorable environment for digital asset ventures.
Interestingly, the price of bitcoin showed volatility during Trump’s speech, initially dropping to about $66,600, then recovering to around $68,000. Besides his economic policies, Trump also touched upon various campaign-related issues but specifically highlighted his crypto-related initiatives, which drew significant applause from the audience.
In line with his broader crypto support, Trump also reiterated his previous promises, such as commuting Silk Road founder Ross Ulbricht’s sentence, emphasizing a shift toward more lenient policies concerning historical crypto-related legal cases.
This series of proposals by Trump aims to foster a supportive framework for cryptocurrencies, reflecting a significant pivot in how future administrations might approach digital assets and their integration into the national economy.
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