Donald Trump’s victory in the 2024 US Presidential election has sparked a surge of enthusiasm among cryptocurrency enthusiasts, especially regarding his promises for Bitcoin and the crypto industry. These promises have contributed to pushing Bitcoin’s value beyond $75,000. His re-election marks a pivotal shift in US policy, with a clear focus on making the country a dominant force in the global crypto landscape.
11 Promises Donald Trump Regarding Bitcoin And Crypto
According to a recent post on Spot On Chain, Trump has outlined 11 key promises aimed at strengthening his support among Bitcoin advocates. These commitments include regulatory updates designed to create a more favorable environment for digital currencies.
1. Fire SEC Chairman Gary Gensler
Trump promised to shake up crypto rules by firing SEC Chair Gary Gensler on his first day. Gensler has been a key player in crypto regulation. Trump’s move shows he plans to push for policies that support the crypto industry.
Several candidates, like pro-crypto SEC Commissioner Hester Pierce, have been mentioned as potential successors to Gary Gensler.
2. Establish a National Bitcoin Stockpile
Trump plans to create a US “Bitcoin Stockpile” treating Bitcoin as a national asset, like gold. This would mark a major shift in how digital assets are integrated into US financial policy.
This could also help the flagship crypto move from being a risk asset to a flight to safety, similar to the way investors view gold.
3. Donald Trump Plans To Make the US the Global Hub for Crypto
Trump’s administration aims to make the US the world’s “crypto capital.” This goal could boost investment in crypto and drive innovation in the blockchain space.
For a long time, many crypto firms have chosen to adopt countries abroad as their headquarters, but that could change with Trump’s plan.
4. Retain Bitcoin Holdings from Seizures
Trump promised to retain 100% of the 203,650 BTC ($14.95B) currently held by the US government. He plans to create a national reserve to protect the asset from legal seizures and secure it for future growth.
The US is already the largest BTC holder among world governments, and this would solidify the country’s position, especially if Trump and his administration actively purchased more Bitcoin.
5. Eliminate Capital Gains Tax on Bitcoin
Trump’s plan includes removing the capital gains tax on Bitcoin transactions. This would make it more appealing for US investors to buy, hold, and spend Bitcoin.
This would also ultimately drive more institutional inflows into the Bitcoin ecosystem since more firms will be confident about including the flagship crypto on their balance sheet.
6. Donald Trump To Support Domestic Bitcoin Mining
Trump plans to focus on US-based Bitcoin mining to boost energy independence and lead in the digital economy. He supports building mining infrastructure on American soil.
It is worth mentioning that the US is already home to a majority of crypto miners, and this would only help solidify the country’s dominance in Bitcoin mining.
7. End the Anti-Crypto Crusade
Trump plans to end the “anti-crypto crusade” and push for fair treatment of digital assets. His goal is to create a pro-crypto environment with balanced regulations.
This also relates to the fact that the president-elect will fire the US SEC chair Gary Gensler who has so far been one of those who have led the anti-crypto crusade.
8. Launch a Bitcoin and Crypto Advisory Council
Trump announced the creation of an advisory council to shape a clear regulatory framework. The council will include industry leaders and advocates to help guide policy.
This advisory council will help devise innovations that would ultimately benefit the crypto industry and market by extension.
9. Protect Self-Custody Rights
Trump pledges to protect Americans’ right to self-custody their crypto. This ensures citizens can keep control of their digital assets without relying on third-party institutions.
This move will lead to greater crypto adoption, especially with many investors still relying on the Spot Bitcoin ETFs and other crypto ETFs because of lack of clear regulatory oversight.
10. Oppose a Central Bank Digital Currency (CBDC)
Trump strongly opposes the idea of a CBDC, saying it violates privacy and personal finance control. His administration will block any CBDC initiatives from moving forward.
This promise undoubtedly benefits stablecoin issuers like Tether and Circle, with USDT and USDC currently dominating the market.
11. Donald Trump Promised To Commute Ross Ulbricht’s Sentence
Trump has promised to commute the double-life sentence of Ross Ulbricht, the founder of Silk Road. This decision highlights Trump’s push to reform the legal treatment of the digital finance sector.
As Trump gets ready for his presidential term, the crypto community is closely watching to see if these promises will change the nation’s crypto landscape.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
