Former President Trump spoke at the world’s largest Bitcoin conference in Nashville, Tennessee, where he proposed that the U.S. should become the “crypto capital of the world” and a “bitcoin superpower” if he is re-elected.
Trump stated that he would replace Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC), who has been known for his regulatory scrutiny of the cryptocurrency industry. Trump criticized Gensler’s approach, which aims to enforce regulations and address potential misconduct within the digital assets space. Instead, Trump promised to create a crypto advisory council and implement a more supportive regulatory framework for cryptocurrencies.
“We will have regulations, but the rules will be crafted by those who support the industry rather than those who oppose it,” Trump said. He emphasized that he would appoint a new SEC chair who supports innovation in the crypto sector.
Under Gensler, the SEC initially rejected applications for spot bitcoin exchange-traded funds (ETFs), but this decision was later challenged and overturned by a federal court. The first spot bitcoin ETFs were approved in January, with ethereum ETFs following recently.
Trump has also announced Sen. JD Vance, R-Ohio, as his running mate. Vance, who has supported pro-crypto legislation and holds bitcoin in his investment portfolio, has been a vocal critic of Gensler’s regulatory stance on digital assets.
Trump also expressed support for retaining bitcoin and other digital assets seized by the federal government as a reserve. He criticized the current practice of auctioning off seized crypto assets and pledged that, if elected, his administration would keep all bitcoin held or acquired by the U.S. government.
Trump’s stance on cryptocurrencies has evolved over time. Although he previously criticized digital assets during his first term in office, calling their value “highly volatile and based on thin air,” he has since shown increased support for the crypto industry, including accepting campaign donations in cryptocurrencies.
