Donald Trump, the former US President, has made a speech at Nashville’s Bitcoin 2024 conference, favoring the crypto sector. Trump promised in the speech that he would replace the current SEC chairman Gary Gensler and develop a BTC reserve after winning the election. He reportedly addressed a broad list of campaign policies, taking into account particular strategies for Bitcoin and the wider crypto industry.
Trump to Fire SEC’s Gary Gensler and Develop a Strategic Bitcoin Reserve
While drawing the attention of the audience, he revealed his intention to replace Gary Gensler of the US SEC. He reportedly has a contentious reputation within the crypto sector. The community often criticizes Gensler for his strict regulatory stance. He reportedly categorizes most of the digital assets among the illegitimately issued securities. The pledge of Trump to overthrow Gensler strongly aligns with the wish of the crypto community.
Trump additionally announced a potential stop on the sale of up to 213,000 BTC under his administration. The respective amount accounts for up to $14.5 billion and the US government has held it from its former enforcement actions. As per the data that market intelligence platform Arkham provided, Trump’s policy would focus on retaining those BTC. In this way, he would establish a strategic national BTC reserve.
Trending Now: Crypto Fraternity Stands Behind Donald Trump After Attack
He stated that his administration’s policy would emphasize keeping the entirety of the BTC under the US government. This will reportedly play the role of a crucial factor in the strategic national BTC reserve. In addition to this, Trump also reinforced his former promises for commuting Ross Ulbricht (the founder of Silk Road). This would prevent additional development regarding a US Central Bank Digital Currency.
Bitcoin’s Price Dips but Recovers Just after Trump’s Speech
Apart from that, he expressed his support for the domestic development of stablecoins along with promoting the BTC mining sphere. Hence, he portrayed himself as a presidential candidate who promotes Bitcoin and innovation. With this, he claimed to be a candidate that the US and its citizens deserve and need. Irrespective of enthusiasm in his speech, the price of the chief crypto asset plunged to $66,600, showing a $3,000 decline from its regular high of $69,400. Nonetheless, the price rebounded just after the speech, recovering to $68,500.