Donald Trump made headlines at one of the largest cryptocurrency gatherings of the year, announcing that if re-elected as president, he would fire the chairperson of the U.S. Securities and Exchange Commission (SEC) on his first day in office. Speaking at Bitcoin 2024 in Nashville, Tennessee, Trump utilized the opportunity to connect with voters and rally support from the tech community.
The former president positioned cryptocurrency as a pivotal political issue, asserting that the Democratic Party and Vice President Kamala Harris were opposed to the sector. His bold statement, “On day one, I will fire Gary Gensler,” the current SEC chair, ignited enthusiasm among the crowd, with attendees chanting his name in response.
Gensler has been known for his regulatory actions against the cryptocurrency industry, previously labeling it as populated by “hucksters.” Under his leadership, the SEC brought significant charges against figures in the crypto world, including the high-profile case against Sam Bankman-Fried, who received a 25-year sentence for defrauding investors.
In his keynote speech, which lasted approximately 45 minutes, Trump proposed plans to position the U.S. as the global leader in cryptocurrency. This marks a significant shift from his earlier views in 2021 when he referred to Bitcoin as a “scam.” He pledged to retain a “national Bitcoin stockpile” consisting of all Bitcoin held or acquired by the U.S. government and promised to establish a Bitcoin and crypto presidential advisory council.
Trump emphasized the substantial energy requirements needed for cryptocurrency mining, stating his intent to build power plants powered by fossil fuels to facilitate the process. His campaign has received notable support from certain tech leaders, including endorsements from influential figures like Elon Musk and crypto entrepreneurs such as the Winklevoss twins.
During the event, Trump highlighted that his campaign is accepting cryptocurrency donations, reporting $25 million raised in the two months since introducing this option, although he did not detail the proportion of donations made via crypto.
He framed the current regulatory climate as a partisan issue, asserting that the Biden administration is “anti-crypto.” Notably, several Republican lawmakers attended the event, including Senators Tim Scott and Tommy Tuberville, along with former presidential candidate, Vivek Ramaswamy. The event also featured remarks from Democratic congressman Wiley Nickel, who praised the administration’s approach to digital assets and blockchain technology.
