Donald Trump Photo: CryptoTimes
Speech at Bitcoin 2024 Conference
On Saturday, former President Donald Trump sharply criticized Vice President Kamala Harris for the Biden administration’s approach to cryptocurrency regulation and announced a sweeping set of industry-friendly policies in an effort to win over Bitcoin supporters.
Accusations Against Kamala Harris
Speaking at a major crypto conference in Nashville, Tennessee, Trump sought to link Harris to the Biden administration’s stringent regulatory approach to the digital asset industry. Although Harris hasn’t taken a public position on the issue, her team is actively reaching out to the crypto community. Trump claimed she is “against crypto.”
Policies to Support the Crypto Industry
Trump endorsed a range of policies to support crypto firms. Among the ideas: having the government hold a stockpile of Bitcoin, creating a crypto advisory council, appointing a crypto-friendly Securities and Exchange Commission (SEC) chair, and blocking the Federal Reserve from creating its own digital currency.
Photo: Hannah Beier / Bloomberg
Promises to End Crypto Persecution
“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” he said. “The moment I’m sworn in, the persecution stops, and the weaponization against your industry ends.”
Engagement with the Crypto Community
Trump’s appearance at the Bitcoin 2024 conference cemented his embrace of the crypto industry, which is lobbying hard in Washington and plans to spend over $160 million to influence this year’s elections. The rise of Harris complicates his pitch. Her campaign shows signs of opening up to the industry, and some Democrats are pushing her to break from the Biden administration’s more skeptical approach.
Pledge to Fire SEC Chair
Trump vowed to fire SEC Chair Gary Gensler, who has pursued several high-profile crypto enforcement actions and warned of significant investor risks in digital asset trading. He also promised to enact policies to support stablecoins, a type of cryptocurrency pegged to other assets like the dollar.
Promise of New Regulations
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” he said.
Audience Support and Criticism of Skeptics
Trump was met with raucous applause, especially when he vowed to fire Gensler.
“I didn’t know he was that unpopular,” Trump said.
He praised the crowd, calling them “highly intelligent,” and criticized crypto skeptics like Senator Elizabeth Warren (D-Mass.), whom he singled out by name.
Past Comments on Cryptocurrencies
Trump himself was once a crypto critic but did not acknowledge his past comments in his speech. In 2019, he wrote that he was “not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
Support for the Crypto Industry
Trump began explicitly embracing the crypto industry in May. Since then, he has hosted crypto executives at fundraisers and his Mar-a-Lago resort. Ahead of his speech on Saturday, Trump participated in a fundraiser at the Bitcoin conference with an $844,600 asking price to attend a VIP reception, roundtable, and get a photo with the former president, according to an online invitation. A lower-tier ticket costing $60,000 per person or $100,000 per couple allowed attendees to just attend the reception and get a photo with Trump.
Recognition of Crypto Figures
Trump, who appeared on stage Saturday afternoon after a significant delay, singled out several figures in the crypto world at the start of his speech. They included the Winklevoss twins, whom he dubbed “male models with a big beautiful brain,” Representative French Hill of Arkansas, who is vying to lead the House Financial Services Committee next year, and David Bailey, who organized the conference.
Source: Politico
