- Trump promised to launch a strategic national crypto stockpile if elected, keeping all bitcoin seized by the government instead of auctioning it off.
- He vowed to fire SEC Chair Gary Gensler on “day one” and create a bitcoin and crypto presidential advisory council to write favorable rules for the industry.
- Trump stated his desire for all remaining bitcoin to be mined in the United States to help the country become “energy dominant.”
Donald Trump branded himself as the pro-crypto candidate for president on the campaign trail. Crypto markets surged higher Tuesday night with bitcoin hitting a new all-time-high above $75,000 as Trump’s victory became apparent. If elected to a second term, Trump has pledged to enact several crypto-friendly policies.
Strategic National Crypto Stockpile
In July, Trump said that if re-elected, he would ensure the federal government never sells off its bitcoin holdings. He pledged to maintain the current level of bitcoin holdings that the US has amassed from seizing assets from criminals. Trump said it will be the policy of his administration to keep 100% of all the bitcoin the government currently holds or acquires.
Firing SEC Chair Gary Gensler
Trump has promised to fire SEC Chair Gary Gensler on his first day back in office. Gensler has brought over 100 enforcement actions against crypto firms during his tenure. Crypto companies argue these cases reflect regulatory overreach without providing clarity. Trump said crypto rules will be written by people who love the industry, not hate it.
Mining Bitcoin in the USA
In June, Trump met with bitcoin miners and later declared his intention to have all remaining bitcoin mined in the USA. He said this will help the US become energy dominant. Trump wants to create so much electricity that the country will have an excess supply.
Lowering Interest Rates
In August, Trump said if elected he would pressure the Federal Reserve to lower interest rates. Rate cuts and easier monetary policy often coincide with surging crypto prices.
Conclusion
Trump made big promises to the crypto industry in a bid to attract campaign donations and support from the community. If he enacts even some of these pledges in a second term, it would represent a seismic shift in crypto regulation and policy from the current administration.
