Following Donald Trump’s victory in the 2024 U.S. presidential election, we have highlighted his top seven pro-crypto promises made during his campaign.
The crypto community is buzzing with excitement following Donald Trump’s emergence as president-elect of the United States. Trump emerged victorious in the presidential election after securing an outstanding 295 electoral college votes.
His emergence as president-elect of the 2024 U.S. election has already given the crypto market a breath of fresh life. This is reflected in Bitcoin’s surge to an all-time high, which came immediately after it became evident that Trump was winning the polls.
Top 7 Donald Trump 2024 Pro-Crypto Promises
The positive reaction witnessed in the crypto market over the past few days demonstrates investors’ excitement about Trump’s victory. Unlike Vice President Kamala Harris, Trump made several pro-crypto promises that, if implemented, could transform the United States into a global crypto leader.
Prominent crypto expert Altcoin Daily highlighted Trump’s promises for the industry. He made these promises at different campaign locations, including the 2024 Bitcoin Conference.
Sack Gary Gensler
At the Bitcoin Conference, Trump excited the crowd after he promised to sack SEC Chair Gary Gensler on his first day in office. Over the past four years, Gensler earned a reputation for himself in the global crypto space due to his adverse regulatory approach, which prioritizes enforcement actions over clear rulemaking.
Gensler’s potential removal and the appointment of a pro-crypto SEC administration could mark the beginning of positive developments in the U.S. crypto sector.
National Bitcoin Stockpile
The president-elect also promised to establish a national reserve of Bitcoin (BTC) under his administration. This initiative would see the U.S. government hold Bitcoin as part of its reserve assets.
During an interview with FOX, he suggested that the United States government could leverage its Bitcoin reserve to pay off the country’s $35 trillion federal debt.
US as the Crypto Capital of the World
Trump promised to introduce favorable regulations that would transform the United States into the crypto capital of the world.
With friendly regulatory policies, the United States could position itself as a top destination for crypto businesses, attracting developers worldwide to the country.
Dominating Bitcoin Mining
In June, the president-elect revealed plans to ensure that Bitcoin’s remaining supply will be mined in the United States and nowhere else. He suggested that this move would help the United States to be energy dominant.
Fair and Clear Regulatory Changes
The United States crypto industry has endured stringent regulation under the current administration. All efforts to get regulatory clarity from the U.S. SEC have ended in futility. Interestingly, this challenge might soon end under Trump’s administration, as he promised to support clear and fair regulations.
In particular, he noted plans to establish a crypto advisory council in his first 100 days in office. This group will focus on advising him on crypto-related matters, including proposing policies that could drive the industry’s growth.
Right to Self-Custody
Most industry participants advocate for holding their crypto tokens themselves, giving them full control over their assets. In July, Trump recognized this importance and promised to defend the right to self-custody.
His promise aligns with a similar move made by Sen. Ted Budd (R-NC), who introduced the ‘Keep Your Coin Act’ last year. This bill opposes the move to restrict U.S. residents from initiating transactions directly from self-hosted wallets.
If Trump implements his right to self-custody campaign promise, Americans will continue to retain full access to their crypto without relying on third-party platforms.
No CBDC (Central Bank Digital Currency)
Trump is not a fan of Central Bank Digital Currency (CBDC), which he considers a threat to financial privacy. As a result, he declared plans to prevent the United States from having its own CBDC under his administration.
For context, CBDCs are similar to stablecoins, as they are both pegged to an asset like the U.S. dollar. The difference between them is that while the government issues CBDCs, private companies issue stablecoins. Since the government is responsible for CBDC issuance, Trump believes its development could be utilized to evade people’s financial privacy.
Given Trump’s remarkable promises for crypto, investors are anticipating their impact on the market once implemented. Notably, Trump’s administration will officially commence on January 20, 2025, marking his inauguration day.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
