Republican presidential candidate Donald Trump announced his intention to fire Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC).
He aims to shift Gensler’s anti-cryptocurrency stance to a pro-cryptocurrency policy. Additionally, Trump proposed designating Bitcoin as a strategic asset for the U.S. and outlined his vision to make the country a Bitcoin superpower.
On the 27th, at the Bitcoin 2024 Conference in Nashville, Tennessee, Trump stated, “If I am elected, it will be the policy of my administration for the United States of America to keep 100% of all the Bitcoin the U.S. government currently holds or acquires.”
Trump also revealed an ambitious plan for cryptocurrency mining. Furthermore, he declared that all of those bitcoins would be a strategic national reserve. He expressed his vision to make America a “crypto capital of the planet and the Bitcoin superpower of the world.”
Trump criticized the current Biden administration’s regulatory policies on cryptocurrencies, calling it an “anti-crypto” government.
The decision to fire SEC chair Gary Gensler aligns with this criticism. The SEC has been doubtful of approving Bitcoin and Ethereum ETFs and has engaged in litigation with the cryptocurrency industry. Gensler, who became SEC chair in 2021, expressed his intent to confront the “decentralization show” and has since initiated numerous lawsuits against companies such as Coinbase and Binance.
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