Trump Says He Will Remove Gary Gensler and Build a “Strategic Bitcoin Stockpile” for the US

Republican Presidential candidate Donald Trump took the stage at the Bitcoin Conference and mapped out a plan for crypto policies if he wins in November against Democratic Party presidential nominee Kamala Harris.

Republican presidential candidate Donald Trump has announced his intention to fire Gary Gensler, the current SEC Chairman, on his first day in office.

Speaking in a packed hall Saturday at the Bitcoin Conference in Nashville, the self-declared crypto candidate recognized Gensler’s unpopularity within the cryptoverse and indicated that appointing a new SEC boss would be an important step in his strategy to support the fast-growing crypto industry.

“The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry,” opined Trump. “I will appoint a new SEC chairman who believes that America should build the future, not block the future.”

He also said he would appoint a “Bitcoin and crypto advisory council” after retaking the Oval Office.

Many at the event welcomed Trump’s announcement. Industry pundits have often blamed Gensler for the SEC’s ongoing enforcement actions against many crypto companies, including Ripple, Kraken, Coinbase, and Binance. 

Although Gensler’s term in office is scheduled to end in June 2026, a change in government, either with Trump or Kamala Harris, could lead to Gensler leaving the agency.

Trump also intends to refashion the US into the world’s leading crypto capital if he wins the November election. He reiterated that the US must lead in crypto or risk having China and other countries dominate.

The former president further announced that he would not allow the US to sell any of the 213,000 BTC, currently valued at about $14.5 billion, which the government has obtained from past seizures.

“As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future,” Trump declared. “I hope you do well.”

If he returns to the White House, Trump said he would transform the U.S. into a “Bitcoin superpower.”

“I’m laying out my plan to ensure that the United States will be the crypto capital of the planet,” Trump told the over 3,000 attendees.

He further spoke favorably about safeguarding the Bitcoin mining industry. “I will be the pro-innovation and pro-Bitcoin candidate that America needs, and our citizens deserve,” the Republican candidate concluded.

Meanwhile, crypto prices saw wild swings as traders reacted to the remarks of the 45th president of the United States.

Just before the speech, Bitcoin soared to as high as $69,370 on Saturday. However, the price quickly dropped to lows of $66,600 before recovering to over $67,696 at the time of writing, according to data from CoinGecko.

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