30s Summary

Donald Trump is courting crypto enthusiasts for his potential 2024 presidential run, promising to oppose anti-crypto initiatives and central bank digital currencies. He spoke of plans to make the remaining Bitcoin in the US, use crypto to reduce national debt, create a Bitcoin reserve, and dismiss the chair of the US Securities and Exchange Commission. He also promised to commute the sentence of Silk Road founder Ross Ulbricht and create a presidential advisory committee for crypto regulation. However, his ability to fulfil these promises is in question given his past record.

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Donald Trump has had a few broken promises throughout his political run. Now that he’s making another presidential bid for 2024, he’s trying to woo voters who are into cryptocurrency. Recently, the Republican Party mentioned their plans for cryptocurrency as part of their innovation program. They are promising to stop any crackdown on crypto from the Democrats and oppose the creation of a digital currency from a central bank.

Trump spoke at the 2024 Bitcoin Conference in Nashville promising to end any anti-crypto moves by Joe Biden and Kamala Harris. But there is some doubt whether he will be able to keep these big promises, given his past record.

In June, Trump went on Truth Social to say he wanted the remaining Bitcoin to be made in the USA, with the idea that it would make the US “energy dominant.” But this plan could run into some issues because of how Bitcoin mining works.

Trump also said that crypto could solve the US’ massive national debt of $35 trillion. He thinks a Bitcoin reserve could greatly reduce this debt but there is doubt whether he could create it.

Beyond this, Trump plans to create a strategic Bitcoin stockpile, which may face its own legal challenges.

One of Trump’s clearer promises is that he will fire Gary Gensler, chair of the US Securities and Exchange Commission, on his first day. But this won’t be as easy as it sounds.

Against government control of digital assets, Trump also said he would stop any development of a central bank digital currency (CBDC) by the US Treasury.

Another promise from Trump is that on his first day in office, he would commute the sentence of Ross Ulbricht, founder of the darknet market Silk Road.

In addition to all these promises, Trump also said that if he was reelected, he would create a presidential advisory committee to ensure a solid regulatory framework for crypto becomes law.

Finally, Trump promised to codify the right of self-custody for crypto users into US federal law.