Originally published on: November 02, 2024
Former President and GOP candidate, Donald Trump, is no stranger to making bold promises throughout his political career, many of which have fallen short. This time, in an effort to court crypto voters, Trump has set his sights on the crypto industry. But can he deliver on these ambitious plans?
In a recent announcement, the Republican Party introduced a draft of its political program that includes a focus on crypto within its innovation initiatives. Trump himself pledged at the 2024 Bitcoin Conference that, if elected, he would put an end to Biden and Harris’ anti-crypto stance, aiming to make the US a global leader in Bitcoin mining.
One of Trump’s proposed initiatives is to have all remaining Bitcoin mined in the USA to boost energy dominance and support the local mining industry. While this plan could face regulatory hurdles due to Bitcoin’s decentralized nature, industry experts like Ben Gagnon of Bitfarms believe it is possible with the right support.
Another ambitious plan by Trump is to create a strategic Bitcoin stockpile, aiming to hold 100% of the Bitcoin currently possessed by the US government. While this proposal could see the light of day with backing from Congress, it may face challenges due to legal constraints on seized assets.
Additionally, Trump has vowed to fire SEC Chair Gary Gensler on day one to usher in a more crypto-friendly regulatory environment. While this move may not be straightforward due to the process involved in dismissing Gensler, it signals Trump’s commitment to supporting the US crypto industry.
Furthermore, Trump’s opposition to a central bank digital currency (CBDC) aligns with many Republican politicians who view CBDCs as a threat to financial privacy. While Trump’s stance on CBDCs may resonate with crypto enthusiasts, it remains to be seen if he can follow through on these promises.
Overall, Trump’s plans to bolster the US crypto industry are ambitious and face various challenges. However, with the right support from Congress and industry stakeholders, Trump may have a shot at delivering on his promises to the crypto community. Stay tuned to see if Trump can truly serve the interests of the US crypto industry.
