Former President Donald Trump made headlines at Bitcoin 2024, a major cryptocurrency event held on Saturday in Nashville, Tennessee, by vowing to fire the chairperson of the US Securities and Exchange Commission (SEC) on his first day back in office if re-elected.
Trump, the keynote speaker at the event, used the platform to appeal to tech and cryptocurrency enthusiasts, emphasizing his commitment to the sector. His promise to terminate Gary Gensler, the current SEC chair appointed by President Joe Biden, elicited a rousing response from the audience, which cheered and chanted his name.
The SEC, under Gensler's leadership, has taken a stringent stance on the cryptocurrency industry, with Gensler labeling it as being plagued by "hucksters" and bringing significant charges against figures like Sam Bankman-Fried, the former CEO of the FTX exchange. Bankman-Fried was recently sentenced to 25 years in prison for defrauding investors.
In his address, Trump detailed his vision for the cryptocurrency sector, aiming to position the US as the global hub for digital assets. This marks a notable shift from his previous criticism of Bitcoin, which he had called a “scam” in 2021. Trump now proposes to establish a "national Bitcoin stockpile," maintaining 100% of Bitcoin held or acquired by the US government.
He also announced plans to create a Bitcoin and crypto advisory council if he returns to office and pledged to invest in power plants to support cryptocurrency mining, indicating a reliance on fossil fuels for this purpose.
Trump’s speech was met with enthusiasm from attendees, including notable figures from the tech and cryptocurrency world. Tesla CEO Elon Musk, a prominent supporter of Trump, and crypto entrepreneurs like the Winklevoss twins were present and have voiced support for the former president.
Trump highlighted his campaign's acceptance of cryptocurrency donations, revealing that his campaign had raised $25 million in crypto contributions over the past two months. However, he did not specify the proportion of these funds that were derived from cryptocurrency transactions.
The former president framed the debate over cryptocurrency regulation as a partisan issue, accusing the Biden administration of being “anti-crypto.” His speech was attended by several Republican lawmakers, including Senators Tim Scott and Tommy Tuberville, as well as former presidential candidate Vivek Ramaswamy. Democratic perspectives were also represented, with Independent presidential candidate Robert F. Kennedy Jr. and Democratic Congress members Wiley Nickel and Ro Khanna addressing the event.
The discourse around cryptocurrency remains a hot topic in US politics, with Trump’s promises potentially influencing future regulatory approaches and shaping the political landscape for digital assets.
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