At a bitcoin event that is considered to be one of the most significant of the year, Donald Trump has stated that if he gets re-elected as president, he will immediately remove the chairwoman of the United States Securities and Exchange Commission (SEC) from their position.
On Saturday, President Trump delivered the keynote address at Bitcoin 2024, which was held in Nashville, Tennessee, and was attended by prominent figures in the sector.
The candidate for the Republican presidential nomination utilized the event as a means of courting voters and encouraging donations from members of the technology community.
A political battleground for Republicans has emerged in the form of cryptocurrency, with President Trump asserting that the Democratic Party and Vice President Kamala Harris are "against crypto."
When Trump made the announcement that "on day one I will fire Gary Gensler," the chair of the Securities and Exchange Commission (SEC) who had been selected by the current President Joe Biden, the audience was at its most animated. At the moment that this proclamation was made, the crowd began to chant "Trump" and cheer heartily.
It was Mr. Gensler who spearheaded the charge to crack down on the cryptocurrency industry. He has stated in the past that the market is filled with "hucksters."
"King of Crypto" Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from consumers of his cryptocurrency exchange, FTX. The Securities and Exchange Commission (SEC) pressed charges against Bankman-Fried.
In a speech that lasted approximately forty-five minutes, Trump presented a few of the suggestions that he would make regarding the industry in the event that he were to win the election in November. It was his promise that the United States will become the Bitcoin capital of the world. In 2021, he told Fox Business that he considered Bitcoin to be a "scam" that would have a negative impact on the value of the United States dollar. Subsequently, he has changed his mind and is now supporting the business.
The attendees at the event was informed by Trump that he would preserve one hundred percent of the Bitcoin that the United States government now possesses or acquires, and he added that this would constitute a "national Bitcoin stockpile."
In addition, the former president of the United States stated that he would "immediately appoint a Bitcoin and crypto presidential advisory council."
He also discussed the amount of power that is required to mine cryptocurrencies. It was his statement that "you need tremendous amounts of electricity," and he went on to say that he would construct power plants "to get that done" and would be "using fossil fuels."
Over the past few months, supporters of Trump's presidential campaign have been growing among a number of influential figures in the technology industry. Elon Musk, the founder of Tesla and the richest person in the world, has expressed his support for Donald Trump. Additionally, crypto tycoons, the Winklevoss twins, who were present at the address on Saturday, have come out in support of him personally.
Trump brought up the fact that his campaign accepts donations in cryptocurrencies, stating that in the two months since he enabled cryptocurrency transactions, he has received a total of twenty-five million dollars (or twenty million pounds). On the other hand, he did not specify the percentage of the payments that were made using cryptocurrencies.
During his speech, Trump attempted to portray the regulation of cryptocurrencies as a partisan issue by claiming that the administration of Vice President Joe Biden was "anti-crypto."
Several members of the Republican legislative branch, including Senators Tim Scott and Tommy Tuberville, were present for the speech that President Trump delivered. In addition, Vivek Ramaswamy, a former candidate for the Republican presidential nomination and a supporter of Trump, was present.
The event also featured speeches by Robert F. Kennedy Jr., an independent candidate for the presidency, as well as Wiley Nickel and Ro Khanna, both of whom are members of the Democratic Party.
Nickel, a member of the Democratic Party, stated earlier at Bitcoin 2024 that Kamala Harris was adopting a "forward-looking approach to digital assets and blockchain technology."
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