President Donald J. Trump vowed to make the US a Bitcoin “superpower” and maintain its lead over competitors like China.
Trump said that if elected, he would ensure that the US government never sells the roughly 200,000 Bitcoin it holds, which represents roughly 1% of the total supply.
He further pledged to fire SEC chair Gary Gensler on day one and appoint a new head for the regulator who believes in innovation and progress. He also alleged that Vice President Kamala Harris intends to make Gensler the Treasury Secretary if elected.
He said the Biden-Harris administration has “waged a war on crypto like you’ve never seen before,” and he plans to end the “crusade.” Trump added that the administration’s approach toward crypto is “un-American.”
Trump also revealed his intention to appoint a “Presidential crypto advisor” to create a framework for the crypto industry that supports progress and innovation.
He emphasized the importance of crypto in geopolitics and promised to make the US a leader in adoption. He said:
Trump also vowed to make the US a Bitcoin mining powerhouse by ensuring the country has access to cheap electricity. He reiterated his intent to end the electric car mandate and generate energy via fossil fuels and nuclear power.
Trump also vowed to commute Silk Road founder Ross Ulbricht’s sentence to time served.
He also praised Bitcoin as an asset class, noting that it has become the ninth-largest asset by market capitalization in the world in less than two decades. Trump added:
He acknowledged the flagship crypto’s influence across borders and its key role in driving cooperation among people worldwide.
Editor’s note: This is a developing story and will be updated as Trump makes further announcements during his speech, which is still live as of press time.
