SEC Chair Gensler Will be Fired If Trump Got Re-Elected

Former President Donald Trump articulated his cryptocurrency policies during a spirited address at the Bitcoin 2024 conference in Nashville. Trump discussed broader campaign themes before diving into specifics about his crypto strategy. 

In front of an animated crowd at Music City Center, he pledged to oust SEC Chair Gary Gensler, whom he criticized for treating most digital assets as illegal securities. The announcement regarding Gensler was met with loud applause. Trump emphasized that, if re-elected, he would appoint a crypto-focused advisor to help shape a friendlier regulatory environment.

Further exciting the audience, Trump declared his intent to prevent the sale of the U.S. government’s 213,000 bitcoins, estimated to be worth nearly $14.5 billion. He reiterated previous commitments to halt the development of a Central Bank Digital Currency (CBDC) and expressed support for U.S. stablecoin development and the bitcoin mining sector.

In addition, Trump revisited his promise to commute the sentence of Silk Road founder Ross Ulbricht, aligning with his broader critique of current cryptocurrency regulations. His pro-crypto stance was a significant aspect of his speech, aiming to mobilize industry support for his campaign.

The day following Trump’s appearance, Senator Cynthia Lummis of Wyoming took the stage to introduce her ‘Bitcoin reserve bill.’ As per the bill, 1 million BTC would be secured for a minimum of 20 years, earmarking it for national debt reduction.

Moreover, the political scene at the conference, highlighted by independent presidential candidate Robert F. Kennedy Jr. who spoke a day before Trump, added to the intensity. Kennedy’s presence underscored the growing interest in cryptocurrency among various political figures.

Meanwhile, a group of 28 Democratic lawmakers called for their party to adopt a more crypto-friendly platform. They criticized the current SEC’s rigid approach and suggested a shift in leadership to reflect the party’s progressive values. Their advocacy for a vice presidential candidate with a strong understanding of digital assets underscored the broader political engagement at the conference.