Former President Donald Trump arrives for a campaign rally at the Trump National Doral Golf Club on July 9, 2024 in Doral, Florida.
Joe Radle | Getty Images News | Getty Images
Prominent supporters were also present as Donald Trump celebrated his expected victory on election night at Mar-a-Lago. Among them were Elon Musk, Robert F. Kennedy Jr., and Cantor Fitzgerald CEO Howard Lutnick.
One thing these three have in common is cryptocurrencies.
The industry, which Trump has talked little about until recently, was expected to bring in large sums of money for his campaign and affiliated PACs. In order to get that money, they needed to make big promises regarding the cryptocurrency industry.
Digital asset markets soared on election night, with Bitcoin hitting an all-time high of more than $75,000 as his victory became a reality. Things like virtual currency stocks coinbase and micro strategy It also rose in after-hours trading on Tuesday.
With a Republican-controlled Senate on the horizon, there are few obstacles for President Trump to introduce a more crypto-friendly platform. Some of the things he promised were:
Strategic National Cryptocurrency Reserve
“For too long, our government has violated the golden rule that every Bitcoiner knows by heart: We must never sell Bitcoin,” Trump said in his keynote address.
President Trump has promised that the United States will maintain its current level of Bitcoin holdings, which it has accumulated by seizing assets from financial criminals.
“If I am elected, it will be the policy of my administration, the United States of America, to retain 100% of the Bitcoin currently held or acquired by the United States government into the future,” he said.
Currently, the U.S. Marshals Service regularly auctions not only Bitcoin, but also other cryptocurrencies such as Ether and Litecoin held in national vaults. These sales can sometimes cause crypto prices to fall, as happened earlier this year when Germany began liquidating hundreds of millions of dollars worth of seized Bitcoin.
“We’re firing Gary Gensler on day one.”
Trump has vowed in public remarks for months to unseat the U.S. Securities and Exchange Commission Chairman Gary Gensler;
“On day one, I will fire Gary Gensler,” President Trump said, referring to the SEC chairman appointed by Joe Biden, who has taken an aggressive approach to cryptocurrency regulation.
The president does not have the power to dismiss appointed members. Even if President Trump appoints a new chairman, Gensler will remain a member of the independent body.
The former president also vowed to create a “Presidential Advisory Council on Bitcoin and Cryptocurrencies.”
“The rules will be written by people who love the industry, not hate it,” Trump said.
During his time at the commission’s helm, Gensler filed more than 100 lawsuits against crypto companies. The SEC chairman has said in multiple interviews that he believes much of the industry is already under the SEC’s jurisdiction and that the SEC’s lawsuits simply bring the industry into compliance.
Cryptocurrency companies argue that recent legal battles do not provide the regulatory clarity the industry has long sought, but instead reflect gross overreach by regulators.
President Trump also made clear his concerns about Sen. Elizabeth Warren (Massachusetts), who is widely seen as an existential threat by the crypto community.
All Bitcoins are mined in America
This intimate gathering brought together a coalition of the industry’s largest private and public US miners, including representatives from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, and Core Scientific.
Less than four hours after Trump’s roundtable ended, the former president took to social media to extoll the benefits of Bitcoin mining operations.
“Biden’s hatred of Bitcoin only helps China, Russia, and the radical communist left. We want all remaining Bitcoin to be MADE IN THE USA!!! It will help us become energy dominant Of course!!!” Posted by Trump He said this on Truth Social immediately after the meeting.
President Trump has reiterated that idea many times since then.
“If cryptocurrencies are going to define the future, we want them to be mined, minted, and manufactured in the United States,” President Trump declared in a message to Bitcoin miners in the Bitcoin industry in Nashville. did. powered machinery.
“We’re going to create so much electricity that we say, ‘Please, please, Mr. President, we don’t need any more electricity, we can’t take it anymore!'”
Fed rate cut
Trump said in August that he would lower interest rates if elected.
The Federal Reserve System, which guides the country’s monetary policy, sets the standard interest rate. It also operates independently of the White House by design.
In September, Federal Reserve Chairman Jerome Powell decided to cut interest rates by 0.5 percentage point, the first easing measure in four years.
Lower interest rates and easing monetary policy have historically been linked to higher crypto prices, as it becomes cheaper to borrow money.
