**Trump Appeals to Crypto Supporters with Grand Promises: Can He Follow Through?**
Former President Donald Trump is actively courting the cryptocurrency community, offering ambitious pledges aimed at winning over crypto advocates with a robust pro-crypto platform. His commitments include safeguarding Bitcoin mining rights, opposing the creation of a Central Bank Digital Currency (CBDC), and enhancing the United States’ position in the global cryptocurrency market. However, as with many political declarations, doubts remain about his ability to fulfill these promises.
**Republican Party Introduces Draft Political Agenda**
In July, the Republican Party released a draft political agenda that prominently featured cryptocurrency as part of its innovation strategy, alongside sectors like artificial intelligence and space exploration. The platform vowed to “end Democrats’ unlawful and un-American crypto crackdown” and assured that a Trump-led administration would advocate for Americans’ rights to mine, hold, and trade digital currencies free from government interference.
At the 2024 Bitcoin Conference in Nashville, Trump further energized crypto fans, asserting that any “anti-crypto crusade” from the current administration would cease under his leadership. Nonetheless, implementing this vision presents several hurdles.
For instance, Trump has put forth ambitious plans regarding the domestic Bitcoin mining sector. In a post on his social media platform, Truth Social, he proposed that all remaining Bitcoin be mined within the United States. While this suggestion may appeal to certain segments, it fundamentally contradicts the decentralized ethos of Bitcoin. Industry leaders, such as Bitfarms CEO Ben Gagnon, concur that while the U.S. could emerge as a leader in mining, centralizing the entire production domestically runs counter to Bitcoin’s core principles of decentralization.
Another controversial promise involves Trump’s vision for a national Bitcoin reserve. He has hinted at creating a strategic Bitcoin stockpile to mitigate the national debt, which has surged beyond $35 trillion. Although an intriguing proposal, it is laden with complications. Legal issues currently surround much of the U.S. government’s Bitcoin holdings, derived from assets confiscated in criminal investigations, with some expected to be returned to their original owners.
**Senator Cynthia Lummis Advocates for a Bitcoin Reserve**
Moreover, Senator Cynthia Lummis has proposed the establishment of a Bitcoin reserve, but substantial political backing would be necessary to realize such a fund. Regulation remains a critical concern for the cryptocurrency sector, and Trump has taken a firm position on this matter. He has vowed to dismiss SEC Chair Gary Gensler on “day one” to pave the way for more crypto-friendly regulations.
However, removing Gensler, a high-ranking official, would likely involve a lengthy legal process requiring just cause and could provoke political repercussions. In a further anti-regulatory move, Trump has promised to oppose any initiative aimed at implementing a CBDC, arguing that a centralized digital currency would undermine financial privacy.
Additionally, Trump has pledged to commute the sentence of Ross Ulbricht, the founder of Silk Road, the notorious darknet platform that facilitated the trade of illegal goods using Bitcoin. At a Libertarian National Convention event, Trump mentioned that if elected, he would “set Ulbricht free” on “day one.”
Another significant promise entails Trump’s support for the “right to self-custody,” which he intends to enshrine into law. While these commitments resonate with many, Trump’s history of grandiose claims followed by reversal has left some crypto enthusiasts feeling skeptical.