Former President Donald Trump has promised to make the US a ‘bitcoin superpower’ upon his return to the White House. He has said that he will prepare regulatory guidelines for the cryptocurrency industry and appoint an advisory council for this work. At the Bitcoin 2024 conference in Nashville, Trump made several statements in support of cryptocurrency. He promised to fire Securities and Exchange Commission Chairman Gary Gensler and create a ‘strategic national bitcoin reserve’.
Let us tell you that this is a big change in Donald Trump’s stance on cryptocurrency, because while he was the President, he refused to accept bitcoin as a currency. Criticizing cryptocurrency, he said that it has a lot of volatility. 78-year-old Donald Trump said in his address during a recent conference, ‘I have made my plans to ensure that the United States is recognized as the cryptocurrency capital and bitcoin superpower in the world.’
I want America to become the crypto capital of the world: Trump
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Bitcoin is the world’s first widely adopted cryptocurrency. It allows secure and seamless peer-to-peer transactions over the Internet. He also warned that if Vice President Kamala Harris is elected president, bitcoin investors will be ruined. He said that Democrats want to drive crypto investors out of this business, but we will not let this happen. The former president said that if crypto is going to define the future, then I want America to be its center. He assured that only those who support the crypto industry will formulate its rules, which aims to bring clarity and fairness to this industry.
Donald Trump, addressing the Bitcoin 2024 Conference, the largest annual gathering of the cryptocurrency industry, at the Music City Center in Nashville, said, “They (Democrats) want to strangle you. They want to put you out of business. We will not let that happen. And now your government will not stand idly by watching bitcoin jobs and businesses go to other countries. Because the US laws are too vague and too harsh. We will keep every single job in the bitcoin industry in the United States, not let them go out of the country.” Trump is the first presidential candidate to address an annual cryptocurrency conference.
Supporters of crypto will make rules for it: Trump
He said, ‘I am proud to be the first US presidential candidate to address a bitcoin conference anywhere in the world. If crypto is going to define the future, I want the idea, implementation and creation to be done in the United States. We will have rules, but from now on, the rules will be written by people who love your industry, not hate your industry. People who want to make it clear and simple, straightforward and fair. People who want to see your industry flourish, not sink.’
Trump also said that he would put an end to the US government’s efforts to create a Central Bank of Digital Currency (CBDC). Cryptocurrency investors have long been criticizing this initiative. He said, ‘I will order the Treasury Department and other federal agencies to stop all efforts to discourage the crypto industry, because something is going on in your industry. The current government wants to create a Central Bank of Digital Currency. CBDC will never be created while I am the President of America. I will always protect the right to self-custody. You will have a great industry, and we are going to be the fuel for your industry.’
Indian-American entrepreneur and Republican leader Vivek Ramaswami is Donald Trump’s key advisor on cryptocurrency. At the Bitcoin 2024 conference, Trump said, ‘America will be richer, the world will be better, and billions of people will be brought into the crypto economy and they will do their savings in bitcoin. Those who say that bitcoin is a threat to the dollar, their story is the opposite. Bitcoin is not a threat to the dollar. The behavior of the current US government is actually a threat to the dollar.’
Cryptocurrency is not a threat to our economy: Trump
Donald Trump said, ‘Our economy is not threatened by crypto. It is by the wastage of trillions of dollars, uncontrolled inflation and open borders. Millions of illegal immigrants are coming to our country, taking advantage of welfare schemes and free health care. Our economy is threatened by this. Our economy is threatened by printing hundreds of billions of dollars to fund endless wars in other countries, while our own cities are becoming like war zones. America will be a bitcoin powerhouse. You will not have to move to China with your family. We will implement reforms, bitcoin and crypto will grow our economy, further strengthen America’s financial dominance and strengthen our entire country in the future.’
What is the law in America regarding cryptocurrency?
In the United States, Bitcoin and other cryptocurrencies are legal, but the rules for using them are quite complicated.
1. In the US, Bitcoin and other cryptocurrencies are considered virtual currencies or commodities rather than securities by the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN).
2. The Securities and Exchange Commission (SEC) has issued guidelines on when a cryptocurrency can be considered a security, which subjects it to strict regulations.
3. The Internal Revenue Service (IRS) considers cryptocurrencies to be property, which means that cryptocurrencies are subject to capital gains taxes in the US.
4. Cryptocurrency exchanges and other businesses in the US must comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
5. There are efforts underway to further clarify cryptocurrency regulations in the US. Some states, such as New York, have implemented specific regulations for cryptocurrency businesses, such as the BitLicense.