Washington: Former U.S. President Donald Trump, now vying for another term in the White House, has pledged to position the United States as the global “crypto capital” and “Bitcoin superpower” if he is re-elected. Speaking at a recent industry event in Nashville, Tennessee, Trump shared his vision to harness the potential of the growing cryptocurrency sector, a move likely to impact the Best Crypto Betting Sites and the broader crypto industry.
On Saturday, Trump also committed to forming an advisory council to shape his administration’s cryptocurrency policy, removing Gary Gensler, the current head of the Securities and Exchange Commission (SEC), and commuting the sentence of a jailed American who operated the Silk Road dark-net market from life imprisonment to time served.
Once a critic who dismissed cryptocurrency as a “sham,” Trump has recently embraced digital currencies. In his speech, he declared that Bitcoin represents “freedom, sovereignty, and independence from government coercion.”
Trump stated, “This afternoon, I’m unveiling my plan to make the United States the global crypto capital and the Bitcoin superpower. We’ll achieve this by ensuring crypto is mined and produced in the USA. I want America to lead the way, and we will make it happen.”
His shift from skepticism to support for cryptocurrency has been fueled by significant outreach and donations from the industry. The Republican Party’s platform ahead of the Milwaukee convention also reflected this change, advocating against restrictions on crypto and defending Bitcoin mining rights.
Under the Biden administration, the SEC has filed over 80 cases against cryptocurrency industry figures, addressing issues such as fraud, misrepresentation, and unregistered offerings.
The Digital Chamber, an advocacy group, reports that about 50 million Americans have invested in cryptocurrency, with higher participation rates among Black and Latino communities. The Chamber has urged Vice President Kamala Harris to include supportive language for digital assets in the Democratic platform.
Trump’s policy plan was met with enthusiastic applause from attendees. He vowed to not only create laws to support the cryptocurrency industry but also to remove barriers to electricity generation needed for crypto operations.
“We need massive amounts of electricity, potentially double our current capacity, to dominate this sector,” Trump said. “We’ll build power plants, ease regulatory requirements, and utilize fossil fuels and nuclear power to meet this demand.”
He concluded with a rallying promise: “My goal is to set you free and enable you to excel like never before. Our country is in a difficult place, but with your help, we will restore our nation and make America and Bitcoin greater than ever before.”
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