Trump Vows to Make US 'Crypto Capital of the Planet,' Promises to Fire SEC Chair Gary Gensler on Day One

At the Bitcoin 2024 conference held in Nashville, Tennessee, former President and Republican candidate Donald Trump promised to transform the United States into the "crypto capital of the planet" if he wins the upcoming presidential election.

Addressing an audience that had waited over an hour, Trump expressed his admiration for the Bitcoin community, likening it to the nascent steel industry. He confidently predicted Bitcoin's future dominance over gold, emphasizing its technological marvel and the spirit of human cooperation it embodies.

Trump also criticized his political rival, referring to Vice President Kamala Harris, and addressed concerns about Bitcoin's energy consumption. He promised to utilize fossil fuels to generate abundant electricity and pledged to roll back federal incentives for electric vehicle manufacturers.

Trump assured the crypto community of his strong support, stating, "If crypto is going to define the future, it’s going to be mined, minted, and made in America." He highlighted his intention to create a favorable environment for Bitcoin and cryptocurrency, promising that his presidency would bring significant benefits to the industry.

Off you go, Gary

Trump's speech also included a detailed plan to remove US Securities and Exchange Commission (SEC) Chair Gary Gensler "on day one" of his presidency. Gensler, whose term ends in June 2026, has been a controversial figure in the crypto world due to the SEC's aggressive enforcement actions against major crypto firms like Ripple, Coinbase, and Binance. Industry leaders have often criticized Gensler for what they perceive as a hostile stance towards cryptocurrency innovation.

Trump vowed to replace Gensler with someone more supportive of the crypto industry. He stated, "The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry." He also announced plans to establish a "Bitcoin and crypto presidential advisory council" to create a comprehensive regulatory framework within the first 100 days of his administration.

In addition, Trump pledged to halt the development of a US central bank digital currency (CBDC) and ensure the right to self-custody. "There will never be a CBDC while I’m president of the United States, and I will always defend the right of self-custody," he declared.

However, Trump faced competition from independent presidential candidate Robert F. Kennedy Jr., who presented a more detailed Bitcoin-friendly policy plan at the conference. Kennedy proposed an executive order to transfer 204,000 BTC held by the Federal Reserve to a strategic reserve and committed to purchasing 500 BTC daily until reaching a reserve of 4 million BTC. This plan, according to Kennedy, would position the US as a dominant force in the global Bitcoin market.

Kennedy's ambitious plan, if realized, would enable the US government to control nearly 20% of all Bitcoin in circulation, marking a significant shift in the global cryptocurrency landscape.

The conference also featured Edward Snowden, who offered a cautionary perspective. Snowden warned the audience to remain wary of politicians using Bitcoin as a political tool, advising them to "cast a vote, but don’t join a cult." He emphasized that the cryptocurrency community should be careful in their support and maintain their independence.

The Bitcoin 2024 conference highlighted the growing political interest in cryptocurrency, with both Trump and Kennedy vying for the support of the crypto community. As the election approaches, their proposals will likely continue to influence the debate on the future of cryptocurrency in the United States.