- Trump pledges to fire SEC Chair Gensler and appoint crypto-friendly regulators if re-elected in 2024.
- Trump shifts from skepticism to support, promising U.S. leadership in cryptocurrency and Bitcoin mining.
- The political clout of the crypto sector grows, influencing Trump’s campaign and future regulatory landscape.
Former President Donald Trump announced, per Bloomberg reports, that he plans to fire SEC Chair Gary Gensler and appoint regulators who support cryptocurrency if he is re-elected. This aims to match the growing power of the virtual currency sector in politics. At a Bitcoin conference in Nashville, Trump shared his vision for the U.S. to lead the world in cryptocurrency and Bitcoin.
Trump’s address marked a stark contrast from his earlier skepticism towards cryptocurrencies. During his presidency, he expressed doubts, calling their value “based on thin air.” However, his current campaign for the 2024 election has seen a notable shift, with Trump positioning himself as a proponent of digital assets.
His remarks in Nashville were well-received by the audience, who cheered his commitment to remove Gensler, whose term ends in 2026, and replace him with regulators supportive of the crypto industry.
The former president’s speech included a pledge to establish a presidential advisory council specifically for the crypto industry and to create a stablecoin framework. Trump emphasized the need for regulations crafted by individuals who “love” the industry, as opposed to those who oppose it. He also advocated for a reduction in enforcement actions, a sentiment echoed by many in the crypto sector.
Zachary Bradford, CEO of Bitcoin mining company Cleanspark, described Trump’s speech as a “historic moment.” Trump highlighted the importance of Bitcoin miners and declared that the U.S. would become the leading nation in Bitcoin mining.
This change in Trump’s stance mirrors the increasing prominence of the cryptocurrency industry in U.S. politics. Executives within the sector have been actively supporting candidates with pro-crypto policies through substantial donations, partly funneled through the Fairshake super PAC. This financial backing underscores the sector’s growing political clout.
In attendance at the conference was Republican Senator Cynthia Lummis of Wyoming, who announced plans to draft a bill mandating the government to amass a stockpile of up to one million Bitcoin over five years. The proposed legislation would require the government to hold the cryptocurrency for 20 years, using it solely to reduce national debt.
Trump’s recent involvement with the cryptocurrency community is part of his plan to attract new voters in his third run for president. By supporting the crypto industry, he hopes to use its growing power and attract more digital asset fans.
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