- Trump has promised to end the “crypto crackdown” by the Biden administration and fire SEC Chair Gary Gensler if elected.
- Trump has vowed to establish a presidential advisory committee to create a regulatory framework for crypto within 100 days and enshrine the right to self-custody crypto assets.
- Trump has proposed building a strategic Bitcoin stockpile for the U.S., boosting Bitcoin mining in America, and opposing the creation of a central bank digital currency (CBDC).
Former President Donald Trump has made several promises related to crypto and Bitcoin as part of his 2024 reelection campaign. While crypto has not been a major focus, Trump has pitched ideas like boosting Bitcoin mining in the US, building a Bitcoin reserve, and replacing top regulators.
Ending the “Crypto Crackdown”
Trump has vowed to end the “unlawful and un-American crypto crackdown” that he claims is being led by SEC Chair Gary Gensler under President Biden. Trump has pledged to fire Gensler if reelected. He also wants to establish a presidential advisory committee to develop crypto regulations within 100 days.
Friendlier Regulations
Trump wants regulations written by people who “love” the crypto industry, not those who “hate” it. He has voiced support for pending legislation in Congress that would provide regulatory clarity for digital assets.
Building a Bitcoin Stockpile
Trump has proposed that the US government create a strategic reserve of Bitcoin from assets seized in criminal cases. This would establish the US as the world’s “Bitcoin superpower.”
Dominating Bitcoin Mining
Trump has stated he wants to cut off foreign Bitcoin miners and make all new Bitcoin “mined, minted and made in the USA.” However, Bitcoin is a decentralized network that cannot be easily restricted.
Saving Self-Custody
Trump has pledged to defend the right to self-custody crypto assets using private keys. This contrasts with some Congressional proposals to restrict self-hosted wallets.
No Central Bank Digital Currency
Trump strongly opposes a digital dollar issued by the Federal Reserve, claiming it would threaten privacy. He has vowed there will be no CBDC while he is president.
Releasing Ross Ulbricht
At a Libertarian convention, Trump promised to commute the prison sentence of Silk Road founder Ross Ulbricht on day one of his term if elected.
Conclusion
While Trump has not made crypto a signature issue, he has tried to appeal to the crypto community by promising industry-friendly policies. However, Trump would face challenges in implementing some of these pledges if elected to a second term.
