Donald Trump Reaffirms Crypto Support, Vows to Remove Gary Gensler on Day One

Former US President and current Republican Presidential candidate Donald Trump has once again expressed his strong support for the cryptocurrency industry. Speaking at the Bitcoin Conference in Nashville, Tennessee, Trump, who once criticized Bitcoin, shared his plans for significant crypto adoption and regulatory changes should he be elected.

Trump Promises to Oust SEC Chair Gary Gensler Immediately

Trump stated that his first action as President would be to remove Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC). This move is expected to be welcomed by the 52 million US crypto users, as Gensler is seen as a strict “anti-crypto” regulator.

Although the SEC, under Gensler, approved Bitcoin and Ethereum spot ETFs, it has also been known for its tough enforcement actions against crypto companies and its reluctance to create new regulations suited to the unique aspects of the digital asset industry.

Trump plans to appoint a new SEC Chairman who will foster the growth of cryptocurrencies, emphasizing that America should be at the forefront of building the future rather than hindering it. He also vowed to protect the industry from anti-crypto legislators like Bitcoin critic Elizabeth Warren and to reverse the “anti-crypto” policies of the Biden administration.

Plans for a National Bitcoin Stockpile and Protection of Crypto Assets

In addition to these regulatory changes, Trump reiterated his intention to create a national Bitcoin stockpile, making Bitcoin a strategic reserve asset for the US dollar. He promised that the US government would retain ownership of all Bitcoin in its possession and would not sell it off.

Trump also assured cryptocurrency users that he would terminate any central bank digital currency (CBDC) projects by the US government and protect their right to self-custody of their assets.

Trump Plans to Transform US into Crypto Hub

If elected, Donald Trump intends to make the US the global leader in cryptocurrency and a Bitcoin superpower. The billionaire has adopted a strong pro-Bitcoin stance, predicting that the asset will surpass the market cap of gold in the coming years. He encourages current investors to hold onto their assets, promising that Bitcoin and other tokens will “skyrocket like never before” if he becomes president.

As the US elections in November approach, the crypto industry is gaining increased attention. With Trump’s pro-crypto position, some Democrats have urged the Democratic National Committee to reconsider its hostile stance on crypto assets. They have suggested that the new Democratic Presidential candidate, Kamala Harris, select a pro-crypto Vice Presidential candidate to boost the party’s chances at the polls.