Former U.S. President Donald Trump is working to attract cryptocurrency enthusiasts by laying out an ambitious agenda aimed at supporting the crypto community. His promises include safeguarding Bitcoin mining rights, blocking a Central Bank Digital Currency (CBDC), and promoting America’s role in the global crypto economy.
However, as with many political pledges, the question remains whether these promises will translate into action.
GOP’s Innovation Agenda Highlights Cryptocurrency
In July, the Republican Party introduced a draft of its political platform, which places cryptocurrency alongside innovation priorities like artificial intelligence and space exploration. The platform criticizes what it calls a “crypto crackdown” led by Democrats, vowing that a Trump administration would uphold Americans’ rights to mine, own, and trade digital assets freely.
At the 2024 Bitcoin Conference in Nashville, Trump energized the crowd, promising to end the current administration’s “anti-crypto crusade.” Still, obstacles may hinder these goals.
A Vision for U.S. Bitcoin Mining
Trump has suggested ambitious ideas for Bitcoin mining within the U.S. In a post on Truth Social, he proposed that all remaining Bitcoin should be mined on American soil. While this vision appeals to some, it conflicts with Bitcoin’s decentralized design. Industry leaders, like Bitfarms CEO Ben Gagnon, point out that consolidating mining in one country opposes Bitcoin’s decentralized nature.
National Bitcoin Reserve Proposal Raises Questions
Another bold promise is Trump’s proposal to create a national Bitcoin reserve to help manage the country’s substantial debt, now exceeding $35 trillion. However, legal issues complicate this idea, as the U.S. government’s Bitcoin holdings are largely from assets seized in criminal investigations, some of which are slated for return to rightful owners.
Senator Cynthia Lummis Backs Bitcoin Reserve
Meanwhile, Senator Cynthia Lummis has advocated for establishing a Bitcoin reserve. This proposal, however, requires significant political backing to gain traction and become reality.
Trump’s Plan for Pro-Crypto Regulation
Regulation remains a contentious issue in the crypto sector, and Trump has committed to creating a more crypto-friendly regulatory environment. His first action would reportedly be firing SEC Chair Gary Gensler, whom he accuses of being overly harsh on the industry. Announcing this at the Bitcoin Conference, he received an enthusiastic response, but removing a high-level official like Gensler would likely be a complex, drawn-out process that could provoke political resistance.
In a separate commitment, Trump has pledged to oppose any move towards a CBDC, arguing that a centralized digital currency would compromise financial privacy.
Vows to Pardon Silk Road Founder Ross Ulbricht
Additionally, Trump has promised to commute the sentence of Ross Ulbricht, founder of the Silk Road marketplace that enabled Bitcoin-based transactions for illicit goods. At a recent Libertarian event, Trump hinted he would “set Ulbricht free” on “day one” if he wins the election.
Trump’s Stance on Self-Custody Rights
Trump has also expressed support for “self-custody rights,” pledging to protect Americans’ ability to hold their own digital assets without interference.
Despite these assurances, some crypto supporters remain cautious, noting Trump’s history of making bold claims that have sometimes fallen short of fulfillment.
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