All Trump’s Crypto Promises, From Expanding Bitcoin Mining to Gensler Firing

Former President Donald Trump has laid out big plans for crypto on the campaign trail, folding in many hopes for his election bid as he tries to engage with digital asset owners.

When it comes to the initial industry, crypto is not listed among them. 20 main goals It's part of the Republican Party's official 2024 platform—and the topic didn't come up during an interview with Elon Musk in August.

Still, in Draft document Crypto was released in July with artificial intelligence as a focus area. According to the candidate, both will serve as areas where innovation will play a major role in building “the greatest economy in history.”

“Republicans will stop Democrats' illegal and American crackdown on cryptocurrency and oppose the creation of a central bank digital currency,” Trump's document said. “We will protect the right to mine Bitcoin and ensure that every American has the right to protect their digital assets and trade free from government oversight and regulation.”

Trump has. They confirmed that He says he is “very positive and open-minded” about crypto companies Social truth. This, he wrote, included “everything connected with this new and growing industry.” The former president touched on several other issues related to the crypto industry in anticipation of Election Day – here's a recap ahead of the big day.

The ‘crypto crackdown' ends

Trump's 2018 The reference to a “crypto crackdown” has sparked criticism among industry participants about non-compliance with securities laws, as SEC Chairman Gary Gensler has also been bolstered by Trump, as he may be focused on the Securities and Exchange Commission (SEC), which took aggressive enforcement action following the FTX crash in 2022.

Trump said in May that he was “good” with crypto – a sign of the shift From skeptic to defender-The former president presents himself as a foil to President Joe Biden and Gensler. Trump said the two Democrats, along with other Democrats, are “vehemently opposed” to crypto.

The former president later vowed to fire Gary Gensler if re-elected at a Bitcoin conference in Nashville — drawing cheers during his speech. However, Gensler's term is set to last until 2026, and Trump does not Power to remove Gensler from the place without reason.

“On the day I take the oath of office to the BBN community, I promise to end the anti-crypto crusade of Joe Biden and Kamala Harris,” Trump said in Nashville. “It will end. It will be done.”

Friendlier rule

The Republican-led US House of Representatives passed After extensive debate, the US Senate passed a major crypto bill in May to provide a legal framework for the digital assets industry.

The law would tie the SEC's regulatory authority to that of the Commodity Futures Trading Commission (CFTC), while giving digital asset issuers a way to certify their assets as commodities. For the crypto industry, the passage was seen as a major victory.

If re-elected, Trump said in Nashville that he would create a presidential advisory committee to ensure the crypto regulatory framework becomes law.

“Their task is to design a clear regulatory guideline for the benefit of the entire industry and they will have it within 100 days,” he said. “We will have rules, but from now on the rules will be written not by people who hate your industry, but by people who love your industry.”

In September, he suggested that crypto startups would “live in hell” if Trump isn't elected, suggesting that the crypto boom would accelerate without his leadership — and that companies that have previously dodged regulatory scrutiny would find themselves in the spotlight.

Build a Bitcoin stock

In the same speech in Nashville, Trump promised to make America the “Bitcoin superpower of the world” and make America the capital of the planet. Part of that plan is a Systematic Bitcoin accumulationWhere the United States holds 100% of all bitcoins. A large portion of these assets are seized by law enforcement in criminal cases.

Trump's pledge bears some resemblance to a “strategic bitcoin reserve” proposed by Sen. Cynthia Lammis (R-WI). root Her planInstead, the US government builds up a strategic reserve of 1 million bitcoins by purchasing the asset in bulk over a period of time.

Manage bitcoin mining

The former president said, “For all remaining Bitcoin [to be] Made in the USA” following a meeting with executives from publicly traded Bitcoin miners in June. But it cuts them off from the open network of miners working around the world. All this is not possible.

From Trump's perspective, Bitcoin miners can help America “remain powerful.” Comparing his position with Trump, who was in the race at the time He wrote on Truth Social This “Hate Bitcoin” only helps America's enemies like China and Russia.

“If crypto is going to define the future, I want to dig, mine and work in America,” Trump said late in Nashville. “It's not done anywhere else.”

Maintain self-control

“Not your keys, not your crypto” is an important saying among Bitcoiners. Instead of keeping assets on centralized exchanges like Coinbase, Bitcoin devotees often argue that self-hosted wallets, which involve keeping private keys, are the best option.

“I will always protect the right to defend myself,” Trump said in July. “We fuel your industry, not destroy it.”

Trump's emphasis on self-preservation is consistent with this. Law Introduced by Sen. Ted Budd (R-NC). Last year, lawmakers introduced the Keep Your Coins Act in the Senate, which would prevent Americans from making transactions through self-hosted crypto wallets.

The Republican legislature opposes a measure proposed by Sen. Elizabeth Warren (D-MA) in 2022. The bill Crypto-market participants require users to identify and monitor self-managed wallets. This includes crypto wallet service providers, miners and validators and more.

There is no CBDC

The former president echoed conservatives like Florida Governor Ron DeSantis and Representative Tom Emmer (R-MN) in warning of the dangers of central bank digital currencies (CBCCs).

Federal Reserve Chairman Jerome Powell recently said that the U.S. central bank “Of course not“Looking at the implementation of the technology, Trump promised to protect Americans.

CBCCs are similar to stablecoins in that they are both digital assets with a fiat currency value such as the US dollar. However, rather than being issued by private companies on public networks, CBDCs are controlled by their respective governments.

“While I'm president of the United States, there will never be a CBCC,” Trump said in Nashville, describing the technology as a threat to financial privacy. ” forget it “

The Immersive CBDC Anti-Surveillance State Act, which prohibits the feds from issuing CBDCs without congressional approval, was passed by the House of Representatives in May. It was subsequently referred to the Senate Banking, Housing and Urban Affairs Committee.

Leaving Ross Ulbricht

In the year At the Libertarian National Convention in May, Trump In 2011, he promised to amend the life sentence of Ross Ulbricht, who created the dark market Silk Road.

Allowing users to use Bitcoin to buy and sell illegal goods and services, Ulbricht was convicted in 2015 of operating a service that was primarily used to obtain drugs. He was charged with a combination of drug trafficking, computer hacking and money laundering crimes.

“He's already served 11 years,” Trump said. he said. Ulbricht. “We're going to bring him home.”

Solving the US national debt

The Republican candidate, when asked about the future of crypto during an event in September, thought the industry was optimistic. At the same time, Trump said that Bitcoin can be used as a tool to solve the federal debt of 35.95 trillion dollars of the federal government.

“We'll probably pay $35 trillion in crypto,” he said. “I'll write it down on a piece of paper—$35 trillion in crypto—we have no debt, right? That's what I love.”

Honorable Name: Satoshi Shout

This year on Halloween, the Bitcoin community recognized the 16th anniversary of Satoshi Nakamoto's Bitcoin White Paper – as did Trump himself. In the year A week before the end of the 2024 race, his rant on Twitter (pronounced X) successfully served as a closing statement for the Bitcoin pseudonymous owner of digital assets, covering the promises mentioned earlier in this article.

Trump wrote: “Happy Satoshi White Paper 16th Anniversary to all of us great Bitcoiners. We will end the Kamalan war on crypto and Bitcoin will be made in America!”

He ended it with the hashtag, “#FreeRossDayOne.”

Edited by Andrew Hayward and Ryan Ozawa

Editor's note: This story was originally published on August 13, 2024 and was last updated with new details on November 4.