Bitcoin

Trump’s Crypto Promises: Making Bitcoin Great Again?

Explore how Donald Trump's re-election could transform the U.S. into a crypto superpower. From firing SEC Chair Gary Gensler to establishing a strategic Bitcoin reserve, dive into Trump's bold crypto promises and their potential global impact.

Why did so many libertartians go out of their way and participate in the elections and what did Trump promise in order to get their votes?

From Trump's vision to his ambition to make America the 'crypto capital of the planet'. Let's take a look at an overview of Trump's promises and their potential implications for our space...

Trump's Crypto Vision

To start off and understand what is going to happen, we have to understand the vision of Donald John Trump who officially pledged to make the United States the "crypto capital of the planet" and promised that the U.S. will become a "Bitcoin superpower." Known for his overdramatically style, some of these small statements fall perfectly in line with his previous rhetoric.

What this will mean for the rest of the world or the limits American investors are subjected to, we will see. But nevertheless, if this becomes true, we can understand that it makes Americans proud to see their country make "crypto great again.

"Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and Bitcoin" -Donald Trump.

A promise to fire SEC Chair Gary Gensler

The second thing that future president Donald Trump has promised was to replace Gary Gensler as the Chair of the Securities and Exchange Commission (SEC). As he has vowed to fire him on his first day in office.

"On day one, I will fire Gary Gensler and appoint a new SEC Chairman." - Trump during a speech at Bitcoin 2024

Known as an enemy of crypto with his cease and desist letters, his successor will hopefully be someone more amenable to crypto. But who would be next in line as chairman of the SEC?

We can speculate on some potential candidates. Several names floated to the surfice as potential replacements for Gensler, including:

Hester Peirce, current SEC Commissioner known for her pro-crypto stance
Brian Brooks, former Acting Comptroller of the Currency
Chris Giancarlo, ex-Chairman of the Commodity Futures Trading Commission (CFTC)
Dan Gallagher, former SEC commissioner and current Chief Legal Officer at Robinhood

To get everyone back down to earth, we know that while Trump has promised to fire Gensler on "day one," he technically cannot remove Gensler without cause until his term ends in 2026. However, Trump can demote Gensler to commissioner, a role with significantly less power. This is less spectacular but better for many crypto projects nevertheless...

A Plan to Establish a Strategic Bitcoin Reserve and Address U.S. Debt Issues

Another plan we can't wait for him to follow up on is his reaffirmation of his plan to establish a strategic Bitcoin reserve for the United States. An initiative that marks more than a significant shift in U.S. cryptocurrency policy, as they would use BTC for their own reserve.

To be more specific, he floated the idea of using cryptocurrency to pay off the $35 trillion U.S. national debt.

During an interview with Fox Business, he stated, "Maybe we'll pay off our $35 trillion dollars, hand them a little crypto check, right? We'll hand them a little bitcoin and wipe out our $35 trillion."

And so the idea for a "strategic national bitcoin reserve" was born.

Acquisition Strategy

Trump plans to create a national Bitcoin reserve by instructing law enforcement agencies to retain all Bitcoin currently held or seized by the U.S. government, rather than auctioning it off.

Presently, the U.S. Marshals Service regularly auctions off Bitcoin and other cryptocurrencies held in the country's coffers. As of now, it was estimated that the U.S. government held more than $5 billion worth of Bitcoin, largely seized from criminal investigations. Check out their holdings below. 👇

Arkham

During his keynote speech at the Bitcoin 2024 conference in Nashville, Trump promised that if elected, his administration would "keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future"

The strategic Bitcoin reserve that Trump wants aims to achieve several goals:

Debt Reduction: The reserve is intended to help reduce the national debt by half by 2045.
Financial Leadership: Positioning the U.S. as a leader in financial innovation and cryptocurrency adoption.
Inflation Hedge: Serving as a protection against inflation and currency debasement.

Additionally, Senator Cynthia Lummis, a key supporter of this initiative, has proposed that the U.S. Treasury could acquire 1 million Bitcoin over five years, as she proposes Bitcoin as a national reserve asset with new legislation.

A Plan to Halt the Development of a Central Bank Digital Currency (CBDC)

One of the biggest promises President-elect Donald Trump has pledged is to halt the development of a Central Bank Digital Currency (CBDC) in the United States.

Trump has consistently expressed strong opposition to the creation of a CBDC, as he views it as a threat to financial freedom and privacy, which it is of course.

During a speech in New Hampshire in January, he stated, "As your president, I will never allow the creation of a central bank digital currency."

So stopping the development of a CBDC will be expected to be done if he gets into office. Described as a "dangerous threat to freedom," he argues that such a currency would give the federal government "absolute control over your money."

Something the Biden administration had no problems with and even encouraged to continue research and development efforts into a potential U.S. CBDC.

But is this realistically feasible? Even if in May, the House passed Rep. Tom Emmer's 'CBDC Anti-Surveillance State Act,' which would block the creation of a government-issued, government-controlled CBDC.

And while Trump has promised to block CBDC development, the actual implementation of this policy could face more than a few challenges. The Federal Reserve, which would be responsible for issuing a CBDC, operates with a degree of independence from the executive branch and can do whatever it wants.

A Promise to Reduce the Sentence of Ross Ulbricht

At last we come to one of the most influential promises of them all, for some the sole reason to mobilize themselves to the voting office.

As Donald Trump has made a promise to commute the sentence of Ross Ulbricht, the founder of the Silk Road darknet marketplace, which made Bitcoin popular in a rather controversial way by making it a method of payment for illicit substances.

Ulbricht is currently serving two life sentences plus 40 years for a range of convictions related to operating the Silk Road, including distributing narcotics and money laundering.

But during his speech at the Libertarian National Convention, Trump pledged to grant clemency to Ross Ulbricht.

He stated, "Should you cast your vote for me, on the very first day in office, I will grant clemency to Ross Ulbricht."

Here’s the clip. You might need this. pic.twitter.com/RS9qH0bAXE
— Jacob J 🏴‍☠️ (@RiseToLiberty) May 26, 2024

A promise that was not taken lightly by the big Bitcoin community and libertarian community, which has long campaigned for Ulbricht's release.

Last night, Donald Trump pledged to commute my sentence on day 1, if reelected. Thank you. Thank you. Thank you.

After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.
— Ross Ulbricht (@RealRossU) May 26, 2024

When is Donald Trump's First Day as President?

As we conclude, we see a lot of promises of a politician that already was president of the United States. But what is now the next milestone in seeing these promises become a reality is when Donald Trump's first day in office is.

Well his first day as the newly elected President of the United States will be January 20, 2025 at the U.S. Capitol building in Washington, DC. With the presidential inauguration that is always held on January 20th following the election year, as specified by the 20th Amendment to the U.S. Constitution.

So we just have to wait a little bit and while Trump may have made various promises about actions he'll (hopefully) take on his "first day" in office, his presidential powers do not begin until he is officially sworn in on January 20, 2025. So stay strapped...

Mainnet and TGE on 19th November.

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Trump’s Crypto Promises: Making Bitcoin Great Again?

Trump's Crypto Vision

A promise to fire SEC Chair Gary Gensler