Looking to win over bitcoin believers, former president Trump criticized vice president kamala harris on Saturday for the Biden administration’s stance on cryptocurrency regulation and offered a comprehensive package of ideas that would be beneficial to the business.
During his speech at a prominent crypto conference in Nashville, Trump attempted to associate Harris with the strict regulation of the digital asset market that was implemented during the Biden era. In spite of the fact that Harris has remained silent and her staff is actively courting the cryptocurrency community, Trump labeled her as being “against crypto.”
Many policies that might benefit cryptocurrency companies have Trump’s support. Some of the proposals include prohibiting the Federal Reserve from issuing its own digital currency, establishing a crypto advisory council, appointing a chair of the Securities and Exchange Commission who is crypto-friendly, and maintaining a government stockpile of bitcoin.
“I swear to the bitcoin community that Joe Biden and Kamala Harris’ anti-crypto crusade will end the day I take the oath of office,” he declared. “The persecution and weaponization against your industry will end the moment I take the oath of office.”
Trump’s attendance at the Bitcoin 2024 conference solidified the crypto sector’s support of him. The business is expecting to spend over $160 million to influence this year’s elections and is actively lobbying in Washington. His presentation is about to get more complicated because to Harris’s rise to prominence. There are indications that her campaign is becoming more accommodating to the sector, and there are Democrats who are urging her to depart from the more skeptical stance of the Biden administration.
Gary Gensler, chair of the SEC, has cautioned investors that trading digital assets is risky and has taken a number of high-profile crypto enforcement actions; Trump has promised to replace Gensler. One form of cryptocurrency that Trump has promised to embrace is stablecoins, which are linked to fiat currencies like the dollar.
He assured the business that laws would be drafted by individuals who genuinely care about it, rather than those who harbor animosity for it.
There was wild cheering whenever Trump made a statement, like when he threatened to dismiss Gensler.
At first, Trump was unaware of how unpopular he was.
While praising the audience and describing them as “highly intelligent,” Trump attacked crypto skeptics, including Sen. Elizabeth Warren (D-Mass.), whom he named specifically.
“The crackdown on cryptocurrencies and bitcoin by the Biden-Harris administration is completely incorrect and detrimental to our nation,” he proclaimed.
Even though Trump has a history of criticizing cryptocurrency, he chose not to mention it in his speech. When asked about bitcoin and other cryptocurrencies in 2019, he said, “not a fan of them, which are not money, and whose value is highly volatile and based on thin air.”
In May, Trump started openly supporting the cryptocurrency market. After that, he started making money off of his crypto stance by inviting crypto businessmen to his Mar-a-Lago resort and fundraisers. According to an online invitation, Trump attended a fundraiser at the bitcoin conference with an asking price of $844,600. The event included a VIP reception, roundtable, and picture ops with the former president. This was in preparation for his speech on Saturday. Guests could attend the event and take a photo with Trump for a lower-tier ticket price of $60,000 or $100,000 for a pair.
At the outset of his speech, Trump singled out numerous figures in the crypto realm. He finally took the stage on Saturday afternoon following a lengthy delay. Attendees included conference organizer David Bailey, the Winklevoss twins—whom he characterized as “male models with a big beautiful brain”—Rep. French Hill of Arkansas, a candidate for leadership of the House Financial Services Committee next year, and others.