“The rules will be written by people who love your industry, not hate your industry.”
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong and it’s very bad for our country,” Trump declared. “Let me tell you if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.”
Trump also assured attendees that the federal government would not sell its Bitcoin holdings. "For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin," he emphasized.
“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world, and we’ll get it done,” he added.
The Biden administration has taken several steps to use government regulation on Bitcoin and other cryptocurrencies. The adminstraiton has also suggested the use of a US Central Bank Digital Currency before. Congressional Republicans, however, have tried to a put a stop to such proposals.
Speaking more to those invested in cryptocurrency, Trump outlined several initiatives he would undertake if re-elected. He pledged to immediately fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been aggressively pushing for stricter crypto regulation.
Trump also promised to create a Bitcoin and Crypto Presidential Advisory Council, saying that “The rules will be written by people who love your industry, not hate your industry.”
During his first term as president, Trump seemed to largely dismiss the notion of cryptocurrencies. He said in 2019 that he was “not a fan” of Bitcoin and believed that its value was “based on thin air.” However now, it appears that he has changed his tune. Trump said in his keynote speech that he believes Bitcoin “stands for freedom, sovereignty, and independence from government coercion and control.”
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