Trump Pledges Support for Crypto Community and Bitcoin Mining in the US

Former President Donald Trump, previously a skeptic of cryptocurrencies, has made a significant pivot in his stance by declaring himself a “pro-bitcoin president” if re-elected in November. Trump’s newfound support for the crypto community comes as he aims to garner backing from an industry that has been grappling with stringent regulations in the United States.

At a conference in Tennessee, Trump criticized the Biden-Harris administration’s approach to crypto and bitcoin, labeling it as detrimental to the country. He likened the rise of cryptocurrencies to the historical growth of industries like steel and emphasized the values of freedom, sovereignty, and independence from government control that bitcoin represents.

Trump proposed that if he were to return to the White House, he would prevent the US government from selling its bitcoin holdings, suggesting the creation of a national bitcoin stockpile. He argued that embracing crypto technologies is essential to prevent other nations, particularly China, from dominating the sector.

Furthermore, Trump highlighted his vision of promoting bitcoin mining, minting, and production within the United States. He pledged to make US energy the most cost-effective globally by boosting fossil fuel and nuclear energy production in an environmentally sustainable manner.

In a bold move, Trump promised to terminate Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), on his first day in office. Gensler’s cautious approach to regulating cryptocurrencies has been criticized by industry players, leading to widespread support for Trump’s proposal among the conference attendees.

Additionally, Trump took aim at Vice President Kamala Harris and vowed to end what he described as the Biden-Harris administration’s anti-crypto crusade. He assured the bitcoin community that their concerns would be addressed under his leadership.

With the US election fast approaching, Trump’s campaign seems emboldened by recent developments, including President Joe Biden’s unexpected withdrawal from the race. A surge in fundraising and support for Vice President Harris has injected new energy into the Democratic campaign, setting the stage for a closely contested election on November 5.

Despite the race tightening according to recent polls, Republican pollsters caution against premature celebrations, noting Trump’s advantage in the Electoral College system. Trump’s victory in 2016, despite losing the popular vote, serves as a reminder of the complexities of the US electoral process.

As the election countdown begins, Trump’s overtures to the crypto community and his promises to boost bitcoin mining in the US signal a potential shift in the regulatory landscape if he secures another term in office.