During the 2024 Bitcoin Conference in Nashville, President Donald Trump vowed to end the Biden administration’s regulatory stance against cryptocurrencies if he wins reelection. Trump’s keynote address underscored his commitment to making the United States a leader in the crypto 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 assured attendees that the federal government would retain its Bitcoin holdings. “For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” he said.
He detailed his plan to transform the United States into the world’s leading crypto hub. “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,” Trump announced.
The Biden administration has enacted several regulations targeting Bitcoin and other cryptocurrencies, and has proposed the introduction of a US Central Bank Digital Currency. Congressional Republicans have opposed these measures.
If reelected, Trump said he would immediately fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has pushed for stricter regulations on cryptocurrencies.
Trump also promised to create a Bitcoin and Crypto Presidential Advisory Council. “The rules will be written by people who love your industry, not hate your industry,” he stated.
During his first term, Trump was not supportive of cryptocurrencies, describing Bitcoin in 2019 as “based on thin air.” However, his stance has shifted, as he now views Bitcoin as a symbol of “freedom, sovereignty, and independence from government coercion and control.”
Trump’s remarks at the conference reflect his commitment to reversing the current administration’s policies on digital currencies and positioning the United States as a global leader in the crypto market.
