This article covers Donald Trump’s promise to fire SEC Chair Gary Gensler if he wins the 2024 election and his plans for a new regulatory framework for cryptocurrencies.
Points
- Trump’s promise to fire Gary Gensler on his first day in office.
- Introduction of a Bitcoin and crypto presidential advisory council.
- Trump’s criticism of the current SEC’s approach to crypto regulation.
- Plans to halt the development of a U.S. central bank digital currency （CBDC）.
Donald Trump Vows to Fire SEC Chair Gary Gensler if Reelected
Speaking at the Bitcoin 2024 conference in Nashville, Donald Trump addressed a crowd of crypto enthusiasts, outlining his ambitious plans for the industry should he win the upcoming presidential election. Among his promises was a pledge to fire SEC Chair Gary Gensler on his first day in office, a statement that was met with enthusiastic cheers from the audience.
Donald Trump with Tyler and Cameron Winklevoss. Credits: Tyler Winklevoss
An End to Gensler’s Reign?
Trump criticized Gensler’s approach to regulating the crypto industry, calling it hostile and counterproductive. In his words:
“The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry.”
The current administration, under Gensler’s leadership, is widely considered too aggressive with its enforcement actions against major crypto firms like Binance, Coinbase, and Kraken. Trump believes that this approach has made the U.S. a less friendly place for crypto businesses, pushing innovation and investment overseas.
New Crypto Presidential Advisory Council
Trump announced his intention to establish a new presidential advisory council focused on Bitcoin and cryptocurrency regulation. This council will be tasked with designing transparent regulatory guidance within the first 100 days of his administration. Trump emphasized that the aim is to create a clear and supportive regulatory environment that encourages growth and prevents crypto-related jobs and businesses from leaving the United States due to unclear laws.
“I will appoint a new SEC chairman who believes that America should build the future, not block the future,” Trump said.
Halting CBDC Development
Trump also made it clear that Central Bank Digital Currencies （CBDCs） would have no place during his presidency. Criticizing the Biden administration for economic inflation and ignoring the Bitcoin community, Trump pledged to revive the American Dream by fostering a pro-crypto environment.
“There will never be a CBDC while I’m President of the United States, and I will always defend the right of self-custody,” Trump declared.
Conclusion
Trump’s speech at the Bitcoin 2024 conference has set the stage for a significant shift in the regulatory landscape for cryptocurrencies in the U.S. His promises to fire Gary Gensler, establish a new advisory council, and halt CBDC development reflect a strong commitment to supporting the crypto industry and positioning the U.S. as a global leader in digital assets.
解説
- Trump’s pledge to fire Gensler signifies a potential major shift in crypto regulation.
- Establishing a new advisory council aims to provide clearer and more supportive regulatory guidance for the industry.
- Halting the development of CBDCs aligns with Trump’s vision of supporting decentralized cryptocurrencies.
- The reaction from the crypto community indicates strong support for Trump’s proposed changes.