Bitrabo Editorial
During his speech at the Bitcoin Conference in Nashville, Tennessee, former US President and Republican Presidential candidate Donald Trump reiterated his strong backing for the crypto sector. He unveiled various plans for crypto adoption if elected, including significant regulatory modifications.
Immediate Dismissal of SEC Chair, Gary Gensler, Promised by Trump
Donald Trump stated that his initial action as President would be to fire US Securities and Exchange Commission (SEC) Chairman, Gary Gensler. This announcement is likely to resonate with the 52 million US crypto users as Gensler is perceived as an “anti-crypto” regulatory figure. Despite approving Bitcoin and Ethereum spot ETFs, the SEC under Gensler’s leadership has faced criticism for stringent enforcement actions on crypto firms and a lack of tailored regulations for digital assets.
Trump committed to appointing a new SEC Chair supportive of crypto growth, aiming to foster innovation rather than hinder it. He vowed to shield the industry from anti-crypto legislators and reverse the current administration’s stance on cryptocurrencies. Additionally, Trump plans to establish a national Bitcoin reserve and prevent government CBDC initiatives while safeguarding asset owners’ rights to self-custody.
US Transformation into Crypto Hub on Trump’s Agenda
If elected, Donald Trump aims to position the US as a global crypto and Bitcoin powerhouse, advocating for Bitcoin to exceed gold in market cap. He projects significant growth for digital assets under his presidency and encourages investors to hold onto their crypto holdings. With the upcoming elections showcasing a growing focus on crypto, Trump’s pro-crypto stance is influencing Democratic conversations on crypto policies and candidate selections.
Image Source: Britannica, Chart Source: Tradingview.com