Donald Trump Calls for the US to Become “Crypto Capital of the Planet”

The 2024 Presidential candidate from the Republican party Donald Trump is very clear on his views on cryptocurrency. At the Nashville conference, his supporters cheered for him when he promised to make the United States “the crypto capital of the planet”. Currently, American voters perceive the Republican party as a pro-crypto party and the Democratic party as a party that does not favor cryptocurrencies or wants more restrictive regulations. Many crypto users seem to support Donald Trump over his main rival because they want him to implement favorable policies for the sector.

US as a Crypto Capital

On Saturday 27th of July, former President Donald Trump wholeheartedly accepted cryptocurrency as a means of political campaign funding. In his speech, he said that if elected in his second term, he would want the US to become a “Bitcoin superpower”. He also made other important promises which many perceive as a sign of respite from too much monitoring. Trump promised to remove the Securities and Exchange Commission (SEC) Chairman Mr. Gensler and instead form a crypto advisory council. He publicly accused him of misusing his power to discourage investors, restrict innovations, and attack genuine investors. He wants the crypto rules to be written by people who love the industry and not hate or feel skeptical of it. Therefore, the speech overall was an encouraging one and can potentially lead many crypto enthusiasts to vote for him.

Furthermore, he would keep cent percent of Bitcoin that the US Federal government holds or acquires and will name it as “national Bitcoin stockpile”. He also wants to appoint a Bitcoin and a crypto Presidential Advisory Council. Apart from these major points, he reiterated that the Biden administration was against the concept of cryptocurrencies. 

Brief Analysis of Trump’s “pro-crypto” announcements

In the US, over the past few years, Bitcoin companies have incessantly faced difficulties. The difficulties range from processing credit cards, obtaining licenses, and opening bank accounts. Moreover, they are also battling the negative image of cryptocurrencies in the mainstream media. Therefore, many crypto enthusiasts worry that this unfavorable environment is responsible for compelling software developers, Bitcoin financial service companies, and crypto miners from operating overseas. Against this backdrop, Trump’s pro-crypto speeches are a respite for many individuals in the crypto sector.

Also Read- The Advantages of Peer-to-Peer Exchange

Bottom Line

Donald Trump’s calls to turn the US into a “crypto capital” is positive news for the crypto community. If he gets elected as the President and implements these promises, then surely the sector will flourish in the country. It will expand overseas and bring more revenue. The formation of a national crypto stockpile can remove legal hassles while dealing with cryptocurrencies. It can also protect the interests of investors.