Former President Donald Trump is making big promises to the cryptocurrency community, aiming to win over crypto supporters with a bold pro-crypto agenda.
Trump has made headlines with pledges to protect Bitcoin mining rights, prevent the development of a Central Bank Digital Currency (CBDC), and even bolster America’s standing in the global crypto industry. But as with many political promises, questions linger about whether he will be able to deliver.
The platform vowed to “end Democrats’ unlawful and unAmerican crypto crackdown” and promised that a Trump-led administration would support Americans’ rights to mine, hold, and trade digital assets without government interference.
In July, the Republican Party unveiled a draft political program that highlighted cryptocurrency under its innovation agenda, alongside artificial intelligence and space exploration.
Industry voices like Bitfarms CEO Ben Gagnon agree that while the U.S. could lead in mining, centralizing all production domestically contradicts Bitcoin’s founding principles of decentralization. Trump has hinted at establishing a strategic Bitcoin stockpile to counter the national debt, which has ballooned to over $35 trillion.
At the 2024 Bitcoin Conference in Nashville, Trump further rallied crypto enthusiasts, promising that any “anti-crypto crusade” by the current administration would end under his watch.
Regulation remains one of the biggest issues for the crypto sector, and Trump has taken a firm stance on it. He has promised to fire SEC Chair Gary Gensler on “day one” to introduce more crypto-friendly regulations.
Additionally, a proposal from Senator Cynthia Lummis seeks to establish a Bitcoin reserve, but significant political support would be required to bring such a fund to life.