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Cryptocurrency News Articles
Donald Trump Lays Out Ambitious Vision for the Future of Cryptocurrency in the United States
Aug 17, 2024 at 05:05 pm
Investing.com -- Crypto stocks jumped on Monday in response to former President Donald Trump's pro-Bitcoin stance, with Coinbase (NASDAQ:COIN), Bitfarms (NASDAQ:BITF), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK) all moving higher.
Cryptocurrency stocks rose on Monday after former President Donald Trump laid out an ambitious vision for the future of crypto in the United States during an address to the Bitcoin community over the weekend.
In his speech, Trump highlighted the transformative potential of Bitcoin and other digital assets, comparing the current moment to the early days of the steel industry. He also recognized Bitcoin's rapid growth, noting that it had become the ninth most valuable asset in the world in just 15 years.
Emphasizing the importance of America's role in the crypto revolution, Trump said, "If bitcoin is going to the moon, as we say, it's going to the moon, I want America to be the nation that leads the way." He warned that if the U.S. failed to embrace crypto technology, other countries, such as China, would dominate the space.
Trump pledged to end the current administration's "war on crypto" and to establish a Bitcoin and crypto Presidential Advisory Council to create clear regulatory guidelines within 100 days. He also promised to appoint a new SEC chairman who supported the industry and to fire current chairman Gary Gensler.
Highlighting the energy demands of Bitcoin mining, Trump assured the audience that his administration would meet those needs by constructing new power plants and utilizing diverse energy sources to support the industry's growth.
In a move that aligned him with many in the crypto community, Trump also voiced his opposition to the creation of a central bank digital currency. "There will never be a CBDC while I'm president of the United States," he said.
Promising a regulatory environment that supported innovation, Trump outlined plans for clear and fair guidelines. He said, "We will create a framework to enable the safe, responsible expansion of stablecoins," aiming to extend the dominance of the U.S. dollar through new financial technologies.
In a significant pledge, Trump promised that if elected, his administration would retain all the Bitcoin currently held by the U.S. government. "It will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," he said.
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