Donald Trump Vows to Fire SEC Chairman Gary Gensler During the Bitcoin Conference in Nashville, Tennessee

Trump was clearly taken aback at the crowd's reaction when he made the announcement.

Former U.S. President Donald Trump attended the Bitcoin 2024 conference in Nashville, Tennessee, on Friday, April 21, making a case for cryptocurrency and vowing to establish a "strategic national bitcoin reserve" if reelected.

Trump arrived late at the conference but was greeted with enthusiasm by the crowd as he compared the bitcoin sector to the early steel industry, praising its potential and energy. "Bitcoin is not just a marvel of technology; it's a miracle of cooperation and human achievement," Trump said, suggesting that Bitcoin might one day surpass gold in value. "Bitcoin can possibly overtake the market cap of gold. What do you think will happen when people figure that out?" he added.

In a signature move from his rally style, Trump quickly shifted gears to criticize his political opponents, particularly the presumptive Democratic nominee, Kamala Harris, making disparaging remarks about her intelligence. He then broadened his attack to include the Democratic stance on energy, promising to boost fossil fuel production to generate "tremendous" electricity, contrasting sharply with current federal incentives for electric vehicles and renewable energy.

He emphasized that a Democratic victory in the upcoming election would be disastrous for the cryptocurrency industry, as they are accused of potential "vicious" and harmful regulatory actions.

Adding to his campaign promises, Trump vowed to dismantle the current regulatory framework overseen by SEC Chair Gary Gensler, whom he plans to fire immediately upon reelection, eliciting applause from the crowd. Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.

Trump was visibly surprised by the crowd's reaction when he made the announcement.

"On day one, I will fire Gary Gensler and appoint a new SEC chairman," Trump said as the crowd went wild. "I didn't know he was that unpopular. Let me say it again. On day one, I will fire Gary Gensler."

He further promised to establish a "Bitcoin and crypto advisory council," signaling a comprehensive policy shift favorable to digital assets. Outlining his vision for America's crypto future, Trump told the cheering crowd, "If crypto is going to define the future, it's going to be mined, minted, and made in America. If Bitcoin is going to the Moon, I want America to send it there."

Trump's appearance at the Bitcoin 2024 conference not only highlighted his transformed stance towards cryptocurrency—following a history of skepticism—but also marked a significant moment in the intersection of U.S. politics and the burgeoning digital asset industry. With thousands of supporters and crypto enthusiasts in attendance, Trump's commitment to making the U.S. the global hub for cryptocurrency if reelected has energized a substantial and influential voter base within the crypto community.

The Bitcoin Markets had a mixed response to the speech, dumping from $69,000 to $67,000 before almost immediately recovering the move.

Democrats to Soften Crypto Stance

In a bid to tap into the growing crypto vote, over a dozen Democratic U.S. House Representatives and numerous congressional candidates are urging their national committee to adopt a pro-crypto stance, according to a letter obtained by Axios on Saturday.

The letter, signed by lawmakers including Rep. Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), and Ritchie Torres (D-N.Y.), calls on the Democratic National Committee to embrace a “forward-looking approach” to digital assets. They propose integrating supportive language into the party's official platform, selecting a vice-presidential candidate who is pro-crypto, and advocating for the SEC Chair Gary Gensler to be replaced with an agency head who is more supportive of crypto.

"We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.'s position as the leader in the global digital economy," the letter reads. Penned by 14 current lawmakers and 14 congressional hopefuls, the letter was also highlighted at the Bitcoin 2024 event in Nashville, Tenn.

The Democrats are particularly critical of the SEC's Gensler, urging party leaders to support a “pro-innovation” SEC chair who would promote a regulatory approach that fosters innovation, secures American competitiveness globally, and advances financial inclusion while protecting consumers.

암호화폐 산업 옹호 단체인 Cedar Innovation Foundation의 참여 이사인 Colin McLaren은 민주당 지도자들이 취하는 통일된 입장에 자부심을 표명했습니다. 그는 "민주당이 세대 변화의 역사적인 순간을 겪고 있는 가운데 이러한 지도자들과 미래 지도자들이 함께 모여 금융 서비스의 혁신과 차세대 진화를 지원하는 모습을 보는 것은 고무적입니다"라고 말했습니다.

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