KEY POINTS
- Trump said he will block efforts to 'choke' crypto firms out of business
- He also promoted his sons' DeFi platform, whose details have yet to be revealed
- The former Bitcoin skeptic has now transitioned into a vocal crypto supporter
Former President Donald Trump continues to express support for the cryptocurrency industry as he teased a "plan" to make the United States the "crypto capital of the planet," and he also didn't miss the chance to promote his sons' DeFi platform, World Liberty Financial.
A Crypto Plan to Come Soon?
Trump took to X on Thursday to announce he will soon lay out a "plan" that will make the country the world's leader in the crypto space. He took a jab at the existing financial system, saying, "they want to choke you out of business."
The Republican presidential candidate vowed that if he gets elected in November, he will block the powers that are choking crypto firms.
In his video post, Trump tagged @worldlibertyfi, the official X handle of World Liberty Financial, Donald Trump Jr. and Eric Trump's DeFi project announced earlier this month. They have yet to provide the public with more details about what the platform will actually do or offer.
.@worldlibertyfi pic.twitter.com/mwhVIzPJyq
— Donald J. Trump (@realDonaldTrump) August 29, 2024
What Has Trump Said of Crypto?
The details of Trump's plan to make the U.S. a crypto leader may be related to his earlier statements about the industry.
In June, he said all the remaining Bitcoin should be mined by U.S. BTC miners. At the time, he said the industry "may be our last line of defense against CBDC." If his words back then were to appear in his upcoming plan, it can be safe to conclude that if elected, he will block efforts toward the issuance of a central bank digital currency.
Also in June, he hinted that he will work toward opening up Florida to the crypto industry. "We will ensure that the future of crypto and the future of Bitcoin will be made in America. We're gonna keep it right here, and a lot of it's gonna be done right here in Florida," he said.
During last month's Bitcoin 2024 conference in Nashville, the GOP frontrunner said he will "fire Gary Gensler" on his first day as the U.S. president. While it remains to be seen if he will stay true to his promise if elected, it can be assumed that a Trump government may change things up at the U.S. Securities and Exchange Commission (SEC).
He also promised Bitcoiners that he will implement a strategy wherein the U.S. government will have to "hodl" its BTC holdings. The U.S. has hundreds of millions of dollars in seized Bitcoin.
Earlier this month, he floated the idea of using Bitcoin to cover the country's multi-trillion-dollar debt. The notion was previously put forth by Republican Sen. Cynthia Lummis.
Several years back, Trump was a crypto skeptic, suggesting that Bitcoin seemed like a "scam." He started supporting the industry earlier this year and has since been increasingly vocal of his support for the sector.
Trumps' Crypto Venture
Meanwhile, details are scant about what exactly World Liberty Financial will do for crypto users. Trump previously promoted the project, signaling that it will be a platform that will cater to unbanked consumers.
The project has reminded its nearly 60,000 subscribers on Telegram not to fall for ads or links claiming to be associated with World Liberty Financial. It also reiterated that it is "not doing any airdrops or selling any tokens at this time."
