By T. Jayani, JadeTimes News
Donald Trump, speaking at one of the year’s largest cryptocurrency events, promised to fire the chairperson of the US Securities and Exchange Commission (SEC) on his first day if re-elected. Addressing Bitcoin 2024 in Nashville, Tennessee, Trump aimed to win over voters and attract campaign donations from the tech sector.
Trump criticized the Democratic Party and Vice President Kamala Harris for being "against crypto" and energized the crowd by pledging to dismiss SEC Chair Gary Gensler, appointed by President Joe Biden. Gensler, known for his stringent regulation of the crypto industry, has referred to the sector as being filled with “hucksters” and led charges against Sam Bankman Fried, the "King of Crypto," who received a 25 year sentence for defrauding customers of his FTX exchange.
During his 45 minute speech, Trump outlined his vision for the cryptocurrency sector, promising to establish the US as the global leader in cryptocurrency. This marks a significant shift from his 2021 comments labeling Bitcoin a “scam.” He also vowed to retain all Bitcoin held or acquired by the US government, creating a “national Bitcoin stockpile,” and to form a Bitcoin and crypto presidential advisory council.
Trump discussed the substantial power requirements for cryptocurrency mining, suggesting the construction of new power plants using fossil fuels to meet these needs. Recently, some tech leaders, including Tesla’s Elon Musk and the Winklevoss twins, have shown increased support for Trump’s campaign.
Trump highlighted his campaign's acceptance of cryptocurrency donations, claiming to have raised $25 million in two months since enabling crypto transactions, though he did not specify the portion derived from cryptocurrency. Framing crypto regulation as a partisan issue, he accused the Biden administration of being “anti crypto.”
Several Republican figures, including Senators Tim Scott and Tommy Tuberville, and former presidential candidate Vivek Ramaswamy, attended Trump's speech. Independent candidate Robert F. Kennedy Jr. and Democratic lawmakers Wiley Nickel and Ro Khanna also spoke at the event. Democratic Congressman Nickel mentioned Vice President Harris's “forward looking approach to digital assets and blockchain technology.”
