Former President Donald Trump, the Republican nominee for the upcoming presidential election, has unveiled a plan to transform the crypto industry in the United States, which he intends to implement if elected.
A key element of Trump's plan is the immediate removal of Gary Gensler as Chair of the US Securities and Exchange Commission (SEC) and the establishment of a "Bitcoin and crypto presidential advisory council."
This announcement was made during his much-anticipated speech at the Bitcoin Conference in Nashville, Tennessee, on July 27.
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The current SEC chair has faced significant backlash from the crypto community due to the commission's stringent regulatory actions against crypto firms, including Coinbase and Ripple.
Although Gensler's term officially ends in June 2026, a new administration could potentially expedite his departure from the SEC. Trump asserted:
The moment I'm sworn in, the persecution stops, and the weaponization ends against your industry. I will appoint a new SEC chairman who believes that America should build the future, not block the future.
Trump's proposed advisory council would be tasked with developing a comprehensive regulatory framework for the crypto industry within the first 100 days of his administration. He also vowed to stop the Treasury Department's efforts to develop a US central bank digital currency (CBDC).
The Republican nominee hinted that his appearance at the Bitcoin conference was influenced by advisers who encouraged him to "be nice" to crypto supporters "at least until after the election," which is likely due to the growing interest in cryptocurrencies among American voters.
Another presidential candidate, Robert F. Kennedy Jr., also spoke at the Bitcoin conference, stating he would increase the US government's Bitcoin holdings to match its $615 billion gold reserves if elected.
With candidates actively engaging with the crypto community and promising crypto-friendly policy changes, it is clear that cryptocurrency will play a crucial role in the upcoming election.
