All of Donald Trump’s Crypto Promises, From Facilitating Crypto Mining to Blocking CBDC Plans
In recent months, US former President Donald Trump has attempted to win the support of crypto players by making massive promises for the sector. However, digital assets do not appear in the list of the Republican Party’s 20 core goals, leaving many to wonder whether Trump’s promises to crypto enthusiasts are genuine.
What’s more, the former president didn’t mention crypto during his interview on X spaces with Elon Musk earlier this week. Still, he insists that blockchain and artificial intelligence are the two technologies he plans to embrace once he assumes power. He claims they are key in promoting innovations, which can create a “great American economy.”
Meanwhile, Trump’s primary competitor, Kamala Harris, hasn’t talked about crypto since she was nominated by Democrats in July. Moreover, she declined an invitation to speak at the Bitcoin Conference in Nashville last month. For this reason, some crypto players are now claiming that the Democrats are likely to continue enforcing “unlawful” actions against blockchain firms if Kamala wins the elections in November.
Let’s now dive into Trump’s crypto promises.
Putting an End to Crypto Crackdowns
The US Securities and Exchange Commission (SEC), led by Gary Gensler, has leveled aggressive enforcement actions against crypto companies since crypto exchange FTX collapsed in 2022. Some of the companies that have been targeted include Binance, Kraken, and Coinbase.
These enforcement actions have made Gensler a Trump’s target. The former president, who accuses the SEC chair of attempting to stifle blockchain innovations, has vowed to fire him immediately after he assumes office. Trump was speaking at the recent Bitcoin Conference when he made this declaration, which received the loudest cheers from attendees.
However, it is worth mentioning that Gensler has an employment contract that expires in 2026. Therefore, it will be extremely difficult for Trump to fire him without cause.
Establishing a Clear Crypto Regulatory Framework
Regulatory uncertainty in the United States continues to be one of the primary factors driving crypto companies overseas. The Commodity Futures Trading Commission and the SEC have been at loggerheads in regard to who should exercise jurisdiction over crypto.
Trump has promised he will urge Republican lawmakers to table a bill for crypto regulations and sign it into law when it reaches his office if elected. He says that crypto players will have a clear legal framework within three months of his reelection.
Building a Bitcoin Treasury Reserve
Several governments worldwide have embraced Bitcoin, adding it to their treasury reserves. Now, Trump wants the US government to do the same. In his speech at the Bitcoin Conference, he promised to establish a Bitcoin reserve and never sell any seized BTC.
His remarks follow a proposal raised by Republican Senator Cynthia Lummis earlier this year, which suggested building up a Bitcoin strategic reserve of one million BTC.
Boosting Bitcoin Mining
Donald Trump promised US Bitcoin miners in June that he would offer a conducive environment that enables Bitcoin mining in America. At the time, he said he wanted the remaining Bitcoin mined in the United States. However, given the decentralized nature of crypto mining, it will be impossible to block miners in other countries from minting new Bitcoin.
Defending the Right to Self-Custody
Trump says he is a huge supporter of the famous saying, “Not Your Keys, Not Your Crypto.” He argues that Bitcoin holders should be allowed to keep their coins in non-custodial wallets rather than centralized exchanges.
Last year, Democratic Senator Elizabeth Warren tabled a bill that proposed all American users of self-custody wallets to verify their identity, arguing that it will help curb money laundering. In response, Trump said in July that such a bill threatened the right to financial privacy and that he wouldn’t sign it into law if reelected.
Blocking CBDC Plans
Trump has been against the idea of an American Central Bank Digital Currency since some Democratic lawmakers teased it. He claims President Joe Biden wants to introduce a CBDC to monitor Americans. Trump has promised to prevent the central bank from launching a CBDC if elected.
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