Former President Donald Trump made a significant announcement at a bitcoin conference in Nashville, Tennessee, where he outlined his plans to fully embrace cryptocurrency if re-elected for a second term. Addressing a crowd of enthusiastic supporters of digital tokens, Trump expressed his vision for the United States to become a 'bitcoin superpower' under his leadership.
During his keynote address, the Republican presidential nominee vowed to position the U.S. as the 'crypto capital of the planet' and establish a bitcoin 'strategic reserve' utilizing the government's current holdings of the currency. He also pledged to replace Securities and Exchange Commission Chair Gary Gensler if elected and establish a crypto advisory council comprised of industry supporters.
Trump emphasized his intention to introduce regulations that are favorable to the cryptocurrency industry, stating that rules would be crafted by individuals who appreciate the sector. This marks a significant shift from his previous skepticism towards cryptocurrencies, as he had criticized their volatility and perceived lack of intrinsic value in 2019.
Furthermore, Trump highlighted his campaign's acceptance of cryptocurrency donations and reiterated his commitment to promoting the mining, minting, and production of digital currencies within the United States. He criticized the Biden administration's regulatory approach towards cryptocurrencies, accusing the federal government of impeding industry growth.
Notably, Trump addressed the issue of law enforcement seizures of bitcoin, promising to convert confiscated assets into a national resource for the benefit of all Americans. He specifically mentioned his intention to commute the sentence of Ross Ulbricht, the founder of the Silk Road dark web marketplace, who is currently serving a life sentence for his involvement in the platform.
The announcement of a bitcoin strategic reserve by Trump was met with enthusiasm by attendees, with Tennessee Senator Marsha Blackburn describing it as a 'historic moment.' This development follows a similar proposal made by independent presidential candidate Robert F. Kennedy Jr. at the conference.
