Former President Donald Trump made headlines at one of the largest cryptocurrency events of the year, Bitcoin 2024, where he declared his intentions to shake up the industry if re-elected as president.
Speaking to a crowd of industry heavyweights in Nashville, Tennessee, Trump announced that on his first day back in office, he would fire Gary Gensler, the chairperson of the US Securities and Exchange Commission (SEC) appointed by current President Joe Biden. The audience erupted in cheers and chants of “Trump” at this bold declaration.
Gensler has been known for his crackdown on the crypto industry, with the SEC recently bringing charges against prominent figures like Sam Bankman-Fried, the “King of Crypto”, who was sentenced to 25 years for fraud.
In a surprising turn of events, Trump, who once called Bitcoin a “scam” in 2021, now pledges to make the US the cryptocurrency capital of the world if re-elected. He promised to keep 100% of Bitcoin held by the government, establish a national Bitcoin stockpile, and create a presidential advisory council for Bitcoin and crypto.
The former president also addressed the energy consumption of mining cryptocurrency, stating his plans to build power plants using fossil fuels to meet the industry’s demands.
Trump’s support for the crypto industry has garnered endorsements from tech leaders like Elon Musk and the Winklevoss twins, who were in attendance at the event. The former president revealed that his campaign now accepts cryptocurrency donations, with $25 million received in just two months since allowing crypto transactions.
The event also saw appearances from other political figures, including Democratic lawmakers like Robert F Kennedy Jr, Wiley Nickel, and Ro Khanna, who shared their perspectives on digital assets and blockchain technology.
As the cryptocurrency landscape continues to evolve, Trump’s bold statements and promises have set the stage for a heated political battle over the future of the industry.
