Republican presidential candidate Donald Trump addressed a bitcoin conference on Saturday, asserting that the U.S. must lead in the cryptocurrency sector to prevent China from dominating it. This marks a shift in Trump's stance on cryptocurrency, which he once called a "scam."
At the Bitcoin 2024 convention in Nashville, Trump presented himself as the pro-cryptocurrency candidate for the upcoming November 5 presidential election. He pledged to position the U.S. as the global leader in cryptocurrency with more favorable regulations compared to the likely Democratic nominee, Vice President Kamala Harris.
Trump criticized Democrats for their regulatory efforts, promising that the Republican Party would impose lighter regulations on the crypto industry.
"We need to embrace crypto and bitcoin technology, or else China and other countries will dominate. We can't let China continue to make such progress," Trump stated.
Despite China's strict controls on cryptocurrency and capital movement, people in China still trade tokens like bitcoin and can open overseas bank accounts for crypto transactions.
Trump proposed creating a crypto presidential advisory council and a national "stockpile" of bitcoin using assets seized in law enforcement actions. He encouraged holding onto bitcoin, pledging that if elected, his administration would retain all bitcoin currently held or acquired by the U.S. government.
Trump also expressed support for expanding bitcoin mining by U.S. firms, despite having labeled cryptocurrency a "scam" in 2021. Following his speech, bitcoin's price briefly dipped but then rose, settling at a 0.94% increase to $68,182.
In addition, Trump reiterated his intention to commute the sentence of Ross Ulbricht, who is serving a life sentence for operating the Silk Road website, which facilitated the secret trade of illegal goods. Trump's statement received applause and chants of "Free Ross" from the audience.
Global concerns persist that privately operated, volatile digital currencies could undermine governmental control over financial systems, increase systemic risk, promote financial crime, and harm investors.
However, cryptocurrency proponents argue that digital asset users are becoming a significant political force. Trump's proposal to create a national bitcoin reserve is seen by some as a major legitimization of cryptocurrency. Jack Mallers, CEO of global bitcoin app Strike, described the proposal as an "unbelievable vote of confidence."
Meanwhile, the crypto community is dissatisfied with the Securities and Exchange Commission's (SEC) enforcement actions under President Joe Biden. The SEC has accused several crypto companies, including Coinbase and Binance, of facilitating the trading of digital assets that should have been registered as securities, a claim these firms deny.
A group of nearly 30 Democratic lawmakers and Congressional candidates urged the Democratic National Committee and Harris to adopt a forward-looking approach to digital assets, emphasizing the significant electoral impact of crypto and blockchain technologies.
Discover:
%20has%20found%20more%20than%201,000%20galaxies%20mysteriously%20resembling%20our%20own%20Milky%20Way%20hiding%20out%20in%20the%20early%20universe..jpg)
