Trump Criticizes Harris on Crypto, Pledges to Support Bitcoin
Trump has pledged to create a U.S. bitcoin reserve and to introduce a cryptocurrency advisory council.
TroibNews 
Former President Donald Trump criticized Vice President Kamala Harris on Saturday regarding the Biden administration's cryptocurrency regulation policies and proposed a series of industry-friendly initiatives in an effort to appeal to bitcoin supporters.
At a significant crypto conference in Nashville, Tennessee, Trump linked Harris to the administration's stringent regulatory stance towards digital assets. Although Harris has yet to publicly express her stance and her team is increasing engagement with the crypto community, Trump claimed she is “against crypto.”
Trump introduced several proposals to support the crypto industry. These included the government holding a reserve of bitcoin, establishing a crypto advisory council, appointing a crypto-friendly Securities and Exchange Commission chair, and preventing the Federal Reserve from creating its own digital currency.
“I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” he declared. “The moment I’m sworn in, the persecution stops and the weaponization ends against your industry.”
Trump's participation at the Bitcoin 2024 conference solidified his support for the crypto industry, which is actively lobbying in Washington and planning to spend over $160 million to influence this year's elections. Harris's rise complicates his efforts, as her campaign is beginning to demonstrate openness towards the industry, with some Democrats encouraging her to diverge from the Biden administration's skeptical stance.
Trump promised to dismiss SEC Chair Gary Gensler, who has initiated several prominent crypto enforcement actions and cautioned about significant investor risks associated with digital asset trading. Trump also committed to policies favoring stablecoins, cryptocurrencies tied to other assets like the dollar.
“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” he stated.
Trump was met with enthusiastic applause, especially when he vowed to remove Gensler.
“I didn’t know he was that unpopular,” Trump remarked.
Trump commended the audience, describing them as “highly intelligent,” and criticized crypto skeptics such as Sen. Elizabeth Warren (D-Mass.), whom he specifically mentioned.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong, and it’s very bad for our country,” he asserted.
Despite formerly criticizing cryptocurrencies, Trump did not address his past remarks in his speech. In 2019, he wrote that he was "not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air."
Trump openly began supporting the crypto industry in May. Since then, he has benefited from this stance, hosting fundraisers with crypto executives and events at his Mar-a-Lago resort. Before his Saturday speech, Trump attended a fundraiser at the bitcoin conference, with an $844,600 entry fee for attending a VIP reception, roundtable, and photo opportunity with him, according to an online invitation. A less expensive option allowed access to just the reception and a photo with Trump for $60,000 per person or $100,000 per couple.
Appearing on stage after a significant delay, Trump acknowledged several notable figures in the crypto community at the beginning of his speech. These included the Winklevoss twins, whom he referred to as “male models with a big beautiful brain," Rep. French Hill of Arkansas, who is seeking to lead the House Financial Services Committee next year, and David Bailey, the conference organizer.
Alejandro Jose Martinez contributed to this report for TROIB News
At a significant crypto conference in Nashville, Tennessee, Trump linked Harris to the administration's stringent regulatory stance towards digital assets. Although Harris has yet to publicly express her stance and her team is increasing engagement with the crypto community, Trump claimed she is “against crypto.”
Trump introduced several proposals to support the crypto industry. These included the government holding a reserve of bitcoin, establishing a crypto advisory council, appointing a crypto-friendly Securities and Exchange Commission chair, and preventing the Federal Reserve from creating its own digital currency.
“I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” he declared. “The moment I’m sworn in, the persecution stops and the weaponization ends against your industry.”
Trump's participation at the Bitcoin 2024 conference solidified his support for the crypto industry, which is actively lobbying in Washington and planning to spend over $160 million to influence this year's elections. Harris's rise complicates his efforts, as her campaign is beginning to demonstrate openness towards the industry, with some Democrats encouraging her to diverge from the Biden administration's skeptical stance.
Trump promised to dismiss SEC Chair Gary Gensler, who has initiated several prominent crypto enforcement actions and cautioned about significant investor risks associated with digital asset trading. Trump also committed to policies favoring stablecoins, cryptocurrencies tied to other assets like the dollar.
“We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry,” he stated.
Trump was met with enthusiastic applause, especially when he vowed to remove Gensler.
“I didn’t know he was that unpopular,” Trump remarked.
Trump commended the audience, describing them as “highly intelligent,” and criticized crypto skeptics such as Sen. Elizabeth Warren (D-Mass.), whom he specifically mentioned.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong, and it’s very bad for our country,” he asserted.
Despite formerly criticizing cryptocurrencies, Trump did not address his past remarks in his speech. In 2019, he wrote that he was "not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air."
Trump openly began supporting the crypto industry in May. Since then, he has benefited from this stance, hosting fundraisers with crypto executives and events at his Mar-a-Lago resort. Before his Saturday speech, Trump attended a fundraiser at the bitcoin conference, with an $844,600 entry fee for attending a VIP reception, roundtable, and photo opportunity with him, according to an online invitation. A less expensive option allowed access to just the reception and a photo with Trump for $60,000 per person or $100,000 per couple.
Appearing on stage after a significant delay, Trump acknowledged several notable figures in the crypto community at the beginning of his speech. These included the Winklevoss twins, whom he referred to as “male models with a big beautiful brain," Rep. French Hill of Arkansas, who is seeking to lead the House Financial Services Committee next year, and David Bailey, the conference organizer.
Alejandro Jose Martinez contributed to this report for TROIB News
