\u201cRepublicans will end Democrats\u2019 unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.\u201d<\/p><\/blockquote>\n
The political program was codified following Trump\u2019s comments at the 2024 Bitcoin Conference in Nashville, where he said, \u201cI pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris\u2019 anti-crypto crusade will be over,\u201d stating firmly that \u201cit will end. It will be done.\u201d<\/p>\n
But will Trump really follow through on these bold promises?<\/p>\n
Bitcoin \u201cmade in the USA\u201d<\/h2>\n
On June 12, Trump posted on Truth Social that he wanted \u201call the remaining Bitcoin to be made in the USA,\u201d claiming it would help the US become \u201cenergy dominant.\u201d\u00a0Currently, 90% of the 21-million-capped Bitcoin supply has been mined.<\/p>\n Trump\u2019s aims to bolster the US mining industry and keep Bitcoin production onshore could face significant logistical and regulatory challenges due to the decentralized nature of Bitcoin mining.<\/p>\n Ben Gagnon, CEO of crypto mining firm Bitfarms, told Cointelegraph it\u2019s \u201cabsolutely possible and desirable to make America the number one country for Bitcoin mining.\u201d<\/p>\n Gagnon said, \u201cAmerica will solidify its position as the most competitive place to mine Bitcoin in the world if Trump reduces the red tape and increases support and investment for energy and electricity infrastructure.\u201d<\/p>\n Notably, Gagnon admitted that one country can\u2019t mine all the Bitcoin due to its decentralized infrastructure:<\/p>\n \u201cIt\u2019s not possible, nor desirable, that 100% of Bitcoin are mined in the US or in any other country.\u201d<\/p><\/blockquote>\n Trump\u2019s promise to mine the remaining Bitcoin is not possible and is fundamentally contrary to the core principles of its creator, Satoshi Nakamoto. Centralizing mining operations within a single jurisdiction would dismantle Bitcoin\u2019s foundational value: decentralization.<\/p>\n The national debt is the total amount of outstanding borrowing by the US federal government accumulated throughout the nation\u2019s history.<\/p>\n According to Fiscal Data, over the past 100 years, the US federal debt has increased from $394 billion in 1924 to over $35 trillion in 2024.<\/p>\n The mounting debt poses a looming risk, potentially leading to severe long-term economic challenges.<\/p>\n During an event related to his non-fungible token collection, Trump claimed that \u201ccrypto has got a great future. I think it really does. Maybe we will pay off the $35 trillion in crypto.\u201d<\/p>\n Ric Edelman, founder of the designation program for advisers platform Digital Assets Council of Financial Professionals, told Cointelegraph he believes crypto could aid the chronic US national debt issue:<\/p>\n \u201cI have no doubt that a Bitcoin reserve could sharply reduce and even perhaps eliminate our national debt.\u201d<\/p><\/blockquote>\n However, he said he feels equally confident that \u201cTrump would not succeed in his efforts to create such a reserve fund, or if he did, his successor would eliminate it.\u201d Edelman admitted Trump\u2019s claim is a \u201cfun sound bite on the campaign trail, but that\u2019s all it is.\u201d<\/p>\n In addition to making the United States a world leader in Bitcoin mining, Trump plans to create a strategic Bitcoin stockpile.<\/p>\n Trump\u2019s plan is for the US to hold 100% of the Bitcoin currently in its possession. Many of those assets stem from seizures by law enforcement in criminal cases, which could challenge his plan.<\/p>\n Almost half of the government\u2019s Bitcoin stockpile originates from a significant seizure following the Bitfinex hack. Since these assets belong to affected victims, there\u2019s legal pressure to return the funds to Bitfinex or the impacted parties.<\/p>\n Recent: <\/strong><\/em>Harris win unlikely to rock Bitcoin price, but crypto fears persist, say observers<\/strong><\/em><\/p>\n Fortunately for Trump\u2019s plan, Senator Cynthia Lummis introduced a bill to establish a Bitcoin strategic reserve, which, if approved, would create a Bitcoin fund to hedge against the national debt. The goal is to acquire 1 million BTC over five years to hold for at least 20 years.<\/p>\n With backing in Congress, Trump\u2019s plan to create a Bitcoin reserve may actually have a chance of seeing the light of day. Still, it will require a number of fellow lawmakers to realize Bitcoin\u2019s potential.<\/p>\n Many in the cryptocurrency industry have criticized the US Securities and Exchange Commission for \u201cregulating by enforcement.\u201d<\/p>\n Under Chair Gary Gensler, the commission has opened multiple cases against major crypto firms for allegedly selling unregistered securities.<\/p>\n The US crypto industry has been pushing hard for regulatory clarity, claiming that current SEC guidance remains ambiguous. According to industry observers, this lack of clear rules creates uncertainty, hindering market engagement and growth within the US crypto sector.<\/p>\n One of Trump\u2019s most crystal clear promises is that he will fire Gensler \u201con day one.\u201d<\/p>\n [embedded content]<\/p>\n Trump argues that new leadership will bring a more crypto-friendly regulatory environment and help the US crypto industry grow. However, can he actually fire Gensler?<\/p>\n Firing the SEC chair may not be as easy as Trump thinks. While he would not require Senate approval to fire Gensler, throwing out an influential regulator so unceremoniously could set a dangerous precedent and face political backlash.<\/p>\n The president must dismiss the SEC chair \u201cfor cause,\u201d meaning that Trump must justify the dismissal on the grounds of neglect, inefficiency or some other form of malfeasance. Furthermore, the entire process of establishing cause, legal reviews and administrative transitions could take over a year.<\/p>\n So, Trump will likely have to live with Gensler for a while before someone new steps in.<\/p>\n Trump has pledged to stop any development of a central bank digital currency (CBDC) by the US Treasury, signaling his opposition to increased governmental control over digital assets.<\/p>\n During the Bitcoin Conference in Nashville, Trump claimed, \u201cThere will never be a CBDC while I\u2019m president of the United States,\u201d describing the technology as an imminent threat to financial privacy.<\/p>\n Trump is not alone: Many Republican politicians have made public statements against CBDCs, with the governor of Florida, Ron DeSantis, signing a bill to restrict their use in the state.<\/p>\n [embedded content]<\/p>\n Congressman Tom Emmer introduced the CBDC Anti-Surveillance State Act, prohibiting the Federal Reserve from issuing a CBDC without congressional approval. The bill is still in committee.<\/p>\n During the Libertarian National Convention, Trump said that \u2014 again on \u201cday one\u201d \u2014 he would commute the sentence of Ross Ulbricht, who founded the darknet market Silk Road, which permitted the illegal trading of drugs, weapons and other unlawful goods.<\/p>\n [embedded content]<\/p>\n Ulbricht\u2019s sentence is highly controversial due to its severity \u2014 a double life sentence plus 40 years without parole \u2014 for nonviolent crimes.<\/p>\n Critics argue that his punishment is excessive compared to sentences for similar offenses, pointing to issues of judicial overreach, precedent for digital-age crimes, and concerns about the criminal justice system\u2019s handling of first-time, nonviolent offenders.<\/p>\n \u201cWe\u2019re going to get him home,\u201d Trump assured, claiming he\u2019s already had enough jail time, as \u201che\u2019s already served 11 years.\u201d<\/p>\n Trump could quickly enact his promise, as a US president has the power to reduce the length of a sentence or grant relief from a conviction for federal offenses.<\/p>\n A commute wouldn\u2019t absolve Ulbricht from his conviction but would allow his early release.<\/p>\n Crypto is a broad and complex topic, especially for regulators. Trump said in Nashville that if reelected, he would create a presidential advisory committee to ensure a solid regulatory framework for crypto becomes law.<\/p>\n \u201cWe will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,\u201d said Trump.<\/p>\n Recent: <\/strong><\/em>Saylor\u2019s Bitcoin custody debacle highlights growing divide in crypto community<\/strong><\/em><\/p>\n Trump said that the task of the crypto council would be to \u201cdesign transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days.\u201d<\/p>\n Pseudonymous crypto market analyst and trader Crypto Rand previously told Cointelegraph that this promise may be one of the most significant, as he believes Congress and the SEC have repeatedly demonstrated their lack of understanding of the crypto industry and its dynamics.<\/p>\n Trump has further promised to enshrine a right to self-custody for crypto users, effectively codifying \u201cnot your keys, not your coins\u201d into US federal law.<\/p>\n Trump\u2019s commitment to crypto self-custody is bolstered by legislation proposed by Republican Senator Ted Budd. He introduced the Keep Your Coins Act in the Senate on Nov. 7, 2023, which aims to prohibit restrictions on Americans\u2019 ability to transact through self-hosted crypto wallets.<\/p>\n The Republican lawmaker\u2019s legislation stands at odds with a measure proposed by Democratic Senator Elizabeth Warren in 2022. Dubbed the Digital Asset Anti-Money Laundering Act, the bill would require crypto-market participants to identify and track users with self-custodial wallets, including crypto wallet service providers, miners and validators, among others.<\/p>\n Check other news for today<\/span> and Please stand by..<\/p>\n *********************************<\/p>\n If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n *********************************<\/p>\n Be the first to get most important HYIP news everyday! If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\nCrypto can solve the US\u2019 $35 trillion national debt<\/h2>\n
The US will create a strategic Bitcoin reserve<\/h2>\n
Fire Gary Gensler \u201con day one\u201d<\/h2>\n
Stop the development of a US CBDC<\/h2>\n
Set Silk Road operator Ross Ulbricht free<\/h2>\n
Create a crypto advisory council for precise crypto policies<\/h2>\n
Crypto self-custody as a right<\/h2>\n
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