As Donald Trump distinguished his prospective victory on Election Night at Mar-a-Lago, he was joined by a roster of high-profile supporters. Among them were Elon Musk, Robert F. Kennedy, Jr. and Cantor Fitzgerald CEO Howard Lutnick.
One proceeding those three people have in common: crypto.
It’s an industry that Trump talked little about until recently but has counted on for overwhelmingly amounts of cash for his campaign and related PACs. Getting that money required him to make big promises pertaining to the crypto production.
Digital asset markets surged on Election Night, with bitcoin hitting a record of over $75,000, as his overcoming began looking likely. Crypto-linked stocks like Coinbase and MicroStrategy moved higher as well in after-hours traffic Tuesday.
With a Republican-controlled Senate on the horizon, Trump has few roadblocks to putting in place a more pro-crypto platform. Here are some of the tools he’s pledged to do:
Strategic national crypto stockpile
In Nashville in July, Trump headlined the biggest bitcoin conference of the year. In his keynote whereabouts, the former president said that if he returned to the White House, he would ensure the federal government never convinces off its bitcoin holdings. However, he stopped short of proposing a formal federal reserve of digital currency.
“For too long our administration has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump phrased during his keynote speech.
Trump pledged to maintain the current level of bitcoin holdings that the U.S. has amassed from seizing assets from pecuniary criminals.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently restrains or acquires into the future,” he said.
Currently, the U.S. Marshals Service regularly auctions off bitcoin as well as other cryptocurrencies ran in the country’s coffers such as ether and litecoin. These sales can sometimes trigger drops in crypto prices, similar to earlier this year when Germany began to liquidate hundreds of millions of dollars worth of bitcoin it had seized.
‘On day one, I inclination fire Gary Gensler’
In public remarks for months, Trump has promised to unseat U.S. Securities and Exchange Commission Chairman Gary Gensler.
“On day one, I last will and testament fire Gary Gensler,” Trump said, referencing the Joe Biden-appointed SEC chairman who has taken an aggressive approach to crypto proclamation.
The president does not have the power to fire the SEC chair. Even if Trump were to appoint a new chairman, Gensler would detritus a commissioner on the independent agency.
Gensler has brought more than 100 actions against crypto firms during his permanency at the helm of the commission. In multiple interviews, the SEC chair has said he believes much of the industry already belongs under its sphere of influence, and its lawsuits are simply bringing the sector under compliance.
Crypto firms argue that the recent legal engagements haven’t given the regulatory clarity the industry has been seeking, and they instead reflect a gross overreach by the commission.
Trump also assured to create a “bitcoin and crypto presidential advisory council.”
“The rules will be written by people who love your activity, not hate your industry,” he said.
Trump has expressly spoken out about his qualms with Sen. Elizabeth Warren, D-Mass., who is everywhere viewed by the crypto community as an existential threat.
All bitcoin will be mined in America
In June in Palm Beach, Florida, on touching a dozen bitcoin mining executives and experts sat down with Trump for an hour and a half in a small tea room at the Mar-a-Lago Baste. The closed-door session marked the first time the former president took a meeting with the technologists securing the $1.5 trillion bitcoin network by perpetual large banks of high-powered machines.
The intimate gathering brought together a coalition of some of the biggest private and clear American miners in the business, including representatives from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark and Substance Scientific.
Less than four hours after Trump’s roundtable wrapped, the former president took to societal media to extol the virtues of the bitcoin mining business.
“Biden’s hatred of Bitcoin only helps China, Russia, and the Revolutionary Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” Fed measure cuts