Former President Donald Trump recently gave a speech at Bitcoin 2024 in Nashville where he made several promises that the cryptocurrency industry has been hoping for. Among these promises were the idea of having the United States hold bitcoin, removing current Securities and Exchange Commission (SEC) chairman Gary Gensler, and showing support for stablecoins.
During the speech, Trump mentioned that the United States Federal Government currently holds 210,000 bitcoins, and he vowed that if re-elected, the government would hold them indefinitely. However, it is unlikely that Trump would be able to follow through with this promise, as many of these coins have other claims against them, such as bitcoins seized by the government in the past.
Trump also stated that he would replace Gensler as SEC chairman, which received loud cheers from the crowd. This move is not uncommon, as SEC chairman positions are often replaced with new administrations. Trump also mentioned his plans to advance new regulations for the crypto industry, with references to ‘freedom to transact’ and the establishment of a ‘Bitcoin and Crypto Advisory Council’ for further clarification.
In his speech, Trump emphasized the importance of preventing the crypto industry from being cut off from financial services. He also expressed his support for stablecoins, stating that he believes they should be able to continue existing and that bitcoin is not a threat to the dollar. Additionally, Trump mentioned that there would be no Central Bank Digital Currency (CBDC) while he was president.
Throughout the speech, Trump touched on familiar topics from his political campaigns, such as promoting energy independence with his “drill baby drill” catchphrase, making false claims about the 2020 election being rigged, and portraying China as a threat. Despite these remarks, Trump ended his speech by encouraging attendees to enjoy their investments in bitcoin and other cryptocurrencies.
Overall, Trump’s speech at Bitcoin 2024 in Nashville showcased his promises to support the cryptocurrency industry, including holding bitcoin reserves, removing the SEC chairman, advancing new regulations, supporting stablecoins, and preventing the industry from being cut off from financial services. While some of these promises may face challenges or be met with skepticism, Trump’s vocal support for the crypto industry could potentially have implications for its future development and regulation.
