Campaign Promise Pro-Crypto Donald Trump On 2024 US Election

Bittime - Currently, many people are waiting for the results of the 2024 American Presidential Election Quick Count. Who will win the US election this time between Kamala Harris or Donald Trump.

Both candidates have breakthrough visions, especially regarding the crypto industry. Former US President Donald Trump often introduced comprehensive plans supporting the crypto industry as part of his campaign.

By supporting Bitcoin and blockchain technology, it seeks to make the United States a global leader in crypto assets. 

This article will discuss details of US Presidential candidate Donald Trump's main initiatives regarding crypto. Read more!

Designating Bitcoin as a National Reserve Asset

Trump's plan includes establishing Bitcoin reserves as a national asset, seen as a strategic reserve for the country. 

This proposal is in line with a push within the industry to view Bitcoin as a hedge against economic instability and inflation. 

By building up reserves held by the government, Trump envisions a future where the US dollar and Bitcoin work in tandem to support the country's financial stability.

Read also: 2024 US Election Predicted to Influence Crypto Market

Opposing Central Bank Digital Currencies (CBDC)

One of the core aspects of Trump's stance is his opposition to CBDCs, which he views as a threat to financial privacy. 

CBDCs are digital assets issued and controlled by governments, which often raises concerns about monetary oversight and control. 

Trump's stance aligns with some Republican lawmakers who oppose full government control of digital assets. 

This is a commitment to maintaining decentralized financial freedom.

Making America the "Crypto Capital of the World"

Trump's vision for America is to make it a global hub for cryptocurrencies, encouraging innovation, investment and technological progress. 

By supporting policies that attract blockchain developers and companies, he hopes to give the US an edge in digital assets. 

The plan will simplify regulations, allowing crypto companies to operate more easily in the US, thereby attracting global companies and creating jobs in this field.

Read also: Revealing Donald Trump's Plan to Make the US the Crypto Capital of the World

Leveraging Bitcoin to Reduce National Debt

In a bold proposal, Trump suggested that Bitcoin could be used to help manage or reduce the US's more than $35 trillion national debt. 

By integrating Bitcoin into financial strategies, he sees the potential to combat the country's huge debt burden, although implementation details are not yet clear.

Ending Regulatory Pressure On The Crypto Industry

Trump criticized the current regulatory environment under the Biden administration, which he called a “crackdown on crypto.” He promised to end strict regulations that have posed challenges for crypto companies. 

One of the first steps that will be taken is to replace the head of the SEC, Gary Gensler, who he considers an obstacle to the growth of the crypto industry. 

Trump's promise to create a more "friendly" regulatory environment has received a positive response from industry advocates who want clearer and more consistent rules.

Read also: Bitcoin Price Hits New ATH, Breaks $75,000!

Protect Bitcoin Mining Rights and Self-Custody

Another major component of Trump's plan is ensuring that Americans can mine Bitcoin and store their digital assets independently without interference. 

Emphasizing the principle of “Not your keys, not your crypto,” he supports legislation protecting self-custody rights, a stance that stands in stark contrast to some policies proposed by Democratic lawmakers. 

Its administration will work to maintain ownership rights and control over private keys, allowing users to store assets independently without relying on exchanges.

Establish a Pro-Crypto Regulatory Committee

If elected, Trump has promised to form a pro-crypto advisory committee that will plan policy in the first 100 days of his term. 

This committee will consist of industry experts and advocates, with the task of designing transparent and fair regulations. 

This regulatory clarity aims to encourage innovation and ensure the US's position as a pioneer in crypto.

Supporting the Release of Ross Ulbricht

A surprising part of Trump's campaign includes his intention to commute the sentence of Ross Ulbricht, founder of the Silk Road marketplace. 

Convicted of several charges, including drug trafficking and computer hacking, Ulbricht has served more than a decade in prison. 

Trump's proposal to grant Ulbricht clemency has drawn mixed reactions, but is in line with his main message of reducing government interference in the digital world.

Supports “Made in the USA” Bitcoin Mining

In an effort to increase America's leadership in crypto mining, Trump is determined to prioritize Bitcoin mining operations in the US, in line with his vision of economic sovereignty. 

This support for domestic mining could help the US become a dominant force in the industry, reducing dependence on crypto assets from abroad and positioning the country as a leader in the global mining sector.

Conclusion

Through these ambitious proposals, Trump is positioning himself as a candidate who supports a decentralized and innovation-friendly approach to the digital economy, which could have a major impact on the crypto industry if he is re-elected.

Some of Trump's promises above that were made during yesterday's campaign did invite a lot of reactions, especially from crypto fans. 

However, whether implementation will be realized soon or even neglected, we still need to be patient until the real count results of the 2024 US Election come out.

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