Trump's Support for Cryptocurrency
Posted on 30/07/2024 | 593 Views
Former president vows to end the crackdown on the crypto industry if he wins the upcoming U.S. election.
Bitcoin has surged to its highest level in over six weeks after Donald Trump announced over the weekend that he would end the "persecution" of the crypto industry if he were to win the U.S. presidential election.
The price of the cryptocurrency rose by more than 3% on Monday, peaking at around US$69,745 (AU$106,489), pulling back to US$67,175 (AU$102,743) this morning.
This increase follows Trump's supportive remarks at the Bitcoin 2024 convention in Nashville, Tennessee, where he stated on Saturday that he would make the U.S. a global leader in cryptocurrency and adopt a more pro-Bitcoin stance compared to his opponent, Kamala Harris.
Trump declared: “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over… If we don’t embrace crypto and Bitcoin technology, China will, other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”
Additionally, Trump stated that he would dismiss the chair of the U.S. financial watchdog, the Securities and Exchange Commission (SEC), on the first day of his presidency if he wins the election. “On day one, I will fire Gary Gensler,” Trump said, receiving enthusiastic cheers from the audience.
Despite aiding cryptocurrencies in January by approving exchange-traded funds (ETFs) – a basket of assets that can be traded like shares on an exchange – that track the price of bitcoin, Gensler remains a noted sceptic. The SEC chair commented in a statement approving the ETFs that bitcoin was a “speculative, volatile” asset often used for illegal activities, including ransomware and terrorist financing. Since 2023, the SEC has initiated over 40 crypto-related enforcement actions.
At the Bitcoin convention, Trump also mentioned he would establish a crypto presidential advisory council and create a national “stockpile” of Bitcoin using cryptocurrency largely seized in law enforcement actions.
“Never sell your bitcoin,” Trump advised. “If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.”
According to the Financial Times on Saturday, Harris’s advisers have been reaching out to leading crypto companies to attempt to “reset” the relationship between the Democratic party and the sector. These approaches were made to the Coinbase crypto exchange, the stablecoin company Circle, and the blockchain payments group Ripple Labs, the FT reported.
As cryptocurrency becomes a political issue, it's important to consider if you're ready for the changes that may come. Whether it's new regulations or investment opportunities, staying informed and prepared is crucial. Are you ready for the result of the U.S. election in November?