President Donald J. Trump has vowed to transform the US into a Bitcoin “superpower” and maintain its competitive edge over countries like China.
Ensuring Government Bitcoin Holdings
Trump declared that, if elected, he would prevent the US government from selling its approximately 200,000 Bitcoin holdings, which account for roughly 1% of the total supply. He criticized the current administration for violating the fundamental principle of Bitcoin: never sell.
Leadership Changes at the SEC
Trump pledged to fire SEC chair Gary Gensler on his first day in office and appoint a new leader who supports innovation and progress. He also claimed that Vice President Kamala Harris plans to make Gensler the Treasury Secretary if elected.
Ending the “War on Crypto”
Trump accused the Biden-Harris administration of waging an unprecedented war on cryptocurrency and promised to end this “crusade,” calling their approach “un-American.” He vowed to terminate “Operation Chokepoint 2.0.”
Presidential Crypto Advisor
Trump revealed his plan to appoint a “Presidential crypto advisor” to develop a supportive framework for the crypto industry, emphasizing the importance of crypto in geopolitics and positioning the US as a leader in adoption. He warned that if the US does not embrace crypto and Bitcoin, other countries will.
Bitcoin Mining Powerhouse
Trump promised to make the US a Bitcoin mining powerhouse by ensuring access to cheap electricity. He reiterated his intent to end the electric car mandate and promote energy generation through fossil fuels and nuclear power.
Commuting Ross Ulbricht’s Sentence
Trump also vowed to commute the sentence of Silk Road founder Ross Ulbricht to time served.
Praise for Bitcoin
Trump praised Bitcoin as an asset class, noting its rapid rise to become the ninth-largest asset by market capitalization within two decades. He predicted that Bitcoin could eventually surpass gold. He acknowledged Bitcoin’s influence across borders and its role in fostering global cooperation and human achievement.
Editor’s Note
This is a developing story and will be updated as Trump makes further announcements during his ongoing speech.
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