At the 2024 Bitcoin Conference, Trump pledged to fire SEC’s Gary Gensler, create a national Bitcoin stockpile, and make the U.S. a Bitcoin superpower.
At the just-concluded 2024 Bitcoin Conference, former President Donald Trump laid out ambitious plans to transform the United States into a global leader in cryptocurrency. Trump’s speech highlighted key initiatives that he promises to implement if elected president.
Trump’s Promises for Bitcoin
In his address, Trump promised to fire Gary Gensler and appoint a new SEC chairman on his first day in office. He proposed creating a U.S. Government strategic national Bitcoin stockpile and pledged that the government would retain 100% of the Bitcoin it holds. Trump emphasized that “Bitcoin is going to the moon” and advised people never to sell Bitcoin, predicting it would eventually surpass gold’s market cap.
He reaffirmed his commitment to soften the sentence of Ross Ulbricht, the creator and operator of the infamous Silk Road portal. Moreover, he vowed that there would never be a Central Bank Digital Currency (CBDC) under his administration.
Trump asserted that Bitcoin and other cryptocurrencies would skyrocket if he were elected, arguing that Bitcoin does not threaten the dollar; rather, the current U.S. government does.
He declared his intention to make the United States the crypto capital of the world and a Bitcoin superpower, stating that Bitcoin represents freedom and independence from government control. Trump also assured the Bitcoin community that Biden and Harris’ anti-crypto stance would end with his presidency.
Controversy Over Firing SEC Chairman
However, amid all these promises, one of Trump’s promises has sparked debate: the firing of SEC chairman Gary Gensler. XRP influencer “WrathofKahneman” reminded community members that the U.S. President could not directly remove the SEC Chair, a position protected by a Supreme Court ruling.
However, according to WrathofKahneman, there are various methods, such as restructuring the SEC or applying public pressure. He also emphasized that much of the campaign rhetoric surrounding crypto is empty.
XRP expert Ashley Prosper, on his hand, noted that the President could remove the SEC chair for neglect of duty or malfeasance, pointing to Gensler’s handling of the FTX and LUNA cases as potential grounds.
#XRP #XRPCommunity
The President can remove the SEC chair for neglect of duty, malfeasance, or other good cause.
Certainly, an argument could be made for neglect of duty in the cases of FTX and LUNA.
The FTX case is one of the most significant financial frauds in decades, and… https://t.co/Cwa8VoHPLB— Ashley PROSPER (@AshleyPROSPER1) July 28, 2024
Peter Schiff’s Criticism of Trump
Long-time Bitcoin critic Peter Schiff has previously suggested Trump’s support for Bitcoin is a strategic move to gain votes and contributions from the crypto community. Schiff argued that promises like making Bitcoin a reserve asset would remain unfulfilled.
Despite significant reactions from the crypto community, Schiff continued his critique, targeting advocates like Michael Saylor, chairman of MicroStrategy. Schiff condemned Saylor’s influence on Trump to add Bitcoin to the national balance sheet, calling it reckless.
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