Donald Trump Vows to Fire SEC Chair Gary Gensler “On Day One” If Reelected: Bitcoin 2024
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Highlights:
- Trump vowed to fire SEC Chair Gensler, ending anti-crypto actions against digital assets.
- He vowed to make the US a “crypto capital,” opposing a US Central Bank digital currency.
- Trump aims to halt Bitcoin sales and promote the US as a leading Bitcoin mining hub.
At the Bitcoin 2024 conference in Nashville on July 27, Republican Party presidential nominee Donald Trump addressed a crowd of Bitcoiners who had waited over an hour to hear the former president speak after he claimed the Secret Service needed additional time to secure the venue. During his speech, Trump mainly discussed general campaign policies and made specific promises about Bitcoin and the wider crypto industry.
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Trump Confirms To Fire SEC Chair
Trump surprised the audience, eliciting cheers, by announcing his plan to replace Securities and Exchange Commission Chair Gary Gensler Chair Gary Gensler if elected. He criticized the SEC for targeting Bitcoin, emphasizing its financial freedom from government overreach. Trump pledged to end the “anti-crypto crusade” and to halt the “persecution and weaponization” against digital assets.
He stated:
“On day one, I will fire Gary Gensler and appoint a new SEC chairman. I didn’t know he was that unpopular.”
Meanwhile, he expressed his intention to appoint an SEC Chairman who supports innovation and America’s future in the digital asset space. Trump stated, “I’d appoint a new SEC Chairman who believes in building America and not blocking the future.” Moreover, he criticized Kamala Harris, claiming she wanted Gensler as Treasury Secretary and called her a “low IQ individual” opposed to crypto.
Trump said at the Bitcoin Conference that if elected in November, he would fire Gary Gensler, prevent the U.S. from selling its Bitcoin holdings, and build a strategic Bitcoin reserve. Trump also praised the development of stablecoins and support for the Bitcoin mining industry…
— Wu Blockchain (@WuBlockchain) July 27, 2024
Many at the crypto event responded positively to Trump’s vow to fire the SEC Chair. Industry leaders often criticize Gensler, holding him responsible for the SEC’s ongoing enforcement actions against numerous crypto firms, including Binance, Coinbase, and Ripple.
Trump’s Bold Vision for America’s Crypto Future
Trump’s vision goes beyond regulatory changes. He declared his goal to make the US the “crypto capital of the planet” and a “Bitcoin superpower.” He said, “If crypto is going to define the future, I want it to be mined, minted, and made in the USA. Crypto is going to the moon. I want America to lead the way.” Trump also forecasted that BTC would surpass the market cap of silver and might soon surpass gold, reflecting his belief in crypto’s future dominance among other assets.
Moreover, Trump stated that the crypto presidential advisory council would establish a comprehensive regulatory framework within 100 days of his taking office. He added that he would instruct the Department of the Treasury to halt any development of a US Central Bank digital currency (CBDC). “There will never be a CBDC while I’m President of the United States, and I will always defend the right of self-custody,” said Trump.
Trump Pledges to Halt Bitcoin Sales, Promotes US as Bitcoin Mining Hub
Trump also announced that he would stop the US from selling any of its 213,000 bitcoins. These bitcoins, worth nearly $14.5 billion, were acquired from prior enforcement actions, according to data from Arkham.
Additionally, he urges people to never “sell your Bitcoin.” He has also affirmed that he will be a pro-innovation and pro-Bitcoin president of the US. He also pledged to transform the US into a Bitcoin mining “powerhouse,” eliminating the need for miners to relocate to China.
This move aims to bolster the country’s position in the global digital economy and support the crypto industry’s growth. Trump’s pro-crypto stance is seen as a bid to attract crypto voters ahead of the 2024 election, marking a significant shift in digital assets’ political landscape.
During the speech, Bitcoin’s price fell to $66,600, nearly $3,000 less than its daily high of $69,400. The price then recovered to about $68,500 shortly after the speech ended. At the time of writing, BTC was trading at $67,390, reflecting a 0.77% decrease in the past 24 hours.
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