Trump Vows to Establish United States as Global Crypto Hub and Bitcoin Dominant Power
JAKARTA – In a speech at the 2024 Bitcoin Conference taking place in Nashville, Tennessee, former President and Republican President Donald Trump promised to make the United States a “world crypto capital and Bitcoin superpower” if he is re-elected.
Trump stated that he would establish “a board of advisers to the president of Bitcoin and crypto,” which would be given 100 days to “design transparent regulatory guidelines in the interests of the entire industry.”
Although Trump has previously publicly opposed cryptocurrencies, his latest statement appears to be a step to attract the attention of the technology sector that has long demanded looser regulatory oversight. Trump also promised to’store all Bitcoins that the US currently has’ for the future. The US government is reported to have billions of dollars worth of Bitcoin.
About three years ago, Trump once called Bitcoin a “fraud” that competes with the dollar. However, in February 2024, he said that the formation of a central bank digital currency would be a “dangerous threat to freedom.”
In May, Trump stated that he was ‘good with [crypto], adding, ‘if you support crypto, you’d better choose Trump.’ The same month, Trump said he would reduce the sentence of Silk Road founder Ross Ulbricht, and his campaign said he would accept crypto donations.
The latest comments from Trump and independent presidential candidate Robert F. Kennedy Jr. have helped bring crypto regulation into a prominent policy issue in the 2024 US presidential election. This statement also comes as the SEC increases surveillance of the crypto industry. SEC chairman Gary Gensler, declared by President Joe Biden, has called the industry “full of fraud, schemes, bankruptcy and money laundering.”
During the conference, Trump received cheers after pledging to “fire” Gensler. The US president has the power to appoint heads of many federal commissions, including the SEC.
As Biden dropped out of competition, campaign adviser Vice President Kamala Harris reportedly contacted crypto leaders in an attempt to re-establish relations with the industry. Harris’s campaign has not disclosed whether his attitude towards the industry is different from Biden.
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