He announced that if he were re-elected, he would fire the head of the US Securities and Exchange Commission (SEC), Gary Gensler, on his first day in office. The SEC under Gensler is skeptical about cryptocurrencies. “Bitcoin stands for freedom, sovereignty and independence from state coercion and control,” Trump said.
Trump promised to set up a Bitcoin and Crypto Advisory Council in the White House. In the first 100 days of his term, the council would draft “transparent regulatory guidelines for the benefit of the entire industry.” There will be rules, but they will be made by people “who love your industry, not hate it,” Trump said.
“Pro-Bitcoin President”
The Republican also announced that he would keep 100 percent of all Bitcoin that the US government currently owns or acquires in the future. This would serve as the core of a “strategic national Bitcoin holding.” Trump said he would be the “pro-Bitcoin president” that America needs. The industry had hoped for even more, especially a firm commitment that BTC would become part of the US financial reserve. Trump did not talk about actively purchasing more.
As president (2017 to 2021), Trump was still one of the declared crypto skeptics. “I am not a fan of Bitcoin and other cryptocurrencies,” Trump wrote on Twitter on July 12, 2019 (now X). Cryptocurrencies are not money, fluctuate greatly in value and are based on thin air. “Unregulated crypto assets can facilitate unlawful behavior, including drug trafficking and other illegal activities.”
Crypto donations
Even after his defeat to Joe Biden, he maintained his anti-Bitcoin rhetoric, calling Bitcoin & Co. a “fraud against the dollar” in 2021. That changed a year later, however: In December 2022, Trump tried to cash in on digital crypto trading cards (NFTs). In May 2024, Trump announced that he would accept crypto donations during the election campaign. According to Barron’s magazine, his campaign has already raised the equivalent of four million dollars in Bitcoin and other tokens.
The Fairshake political action committee, which advocates for cryptocurrencies, has raised around $170 million, according to the Barron’s report, making it one of the largest PACs in this election cycle. Some venture capitalists, including investment legends Marc Andreessen and Ben Horowitz, have said they are supporting Trump because they are unhappy with the Democrats’ crypto policies. Trump’s vice presidential candidate, JD Vance, says he is a crypto investor himself.