In his most recent attempt to lure cryptocurrency supporters—which Beijing has banned and which he previously called a "scam"—Republican presidential candidate Donald Trump stated at a bitcoin conference on Saturday that the United States must lead the industry or China would.
Speaking at the Bitcoin 2024 convention in Nashville, Trump positioned himself ahead of the Nov. 5 presidential election as the candidate who is most in favour of cryptocurrencies. He promised to make the United States the global leader in cryptocurrencies and to adopt more lenient regulations than Vice President Kamala Harris, the Democratic nominee.
Trump has attacked Democratic attempts to regulate the cryptocurrency industry, while the Republican Party has pledged less regulation of the industry.
"If we don't embrace crypto and bitcoin technology, China will, other countries will. They'll dominate, and we cannot let China dominate. They are making too much progress as it is," Trump said.
China has tightened restrictions on the flow of funds across its borders and has clamped down on cryptocurrencies. However, users may still trade tokens on cryptocurrency exchanges like bitcoin, and Chinese investors can create foreign bank accounts to purchase cryptocurrency assets.
Trump declared he would use cryptocurrency that the U.S. government presently possesses—mostly taken in the course of law enforcement actions—to construct a national "stockpile" of bitcoin and to form a crypto presidential advisory group.
"Never sell your bitcoin," the president stated. "If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," he stated.
Trump went on to say that although he had labelled cryptocurrencies a "scam" in 2021, he would still want to see more American companies engage in bitcoin mining.
After Trump's speech, the price of bitcoin first decreased, but it then increased and was last quoted up 0.94% at $68,182.
Trump also reaffirmed his intention to reduce Ross Ulbricht's life sentence for founding and running the Silk Road website, which let users to purchase and trade narcotics and other illicit goods covertly.
"Enough," Ulbricht's time served, said Trump, amid cheers and cries of "Free Ross" from the assembly.
Concerns have been expressed by nations all over the world, including the United States, about how privately run, very volatile digital currencies can threaten governmental authority over the financial and monetary systems, raise systemic risk, encourage financial crime, and harm investors.
Proponents of digital assets claim that voters are increasingly drawn to cryptocurrencies in this election year, though it's unclear how many of them would put cryptocurrencies ahead of other problems in the voting booth.
Since some cryptocurrency supporters support Trump, they would probably view any action taken by the US to establish a national bitcoin reserve as a significant step towards the legalisation of cryptocurrencies.
According to Reuters, Jack Mallers, CEO of the international bitcoin app Strike, Trump's plan to establish a strategic bitcoin reserve is a "unbelievable vote of confidence."
In the meanwhile, US President Joe Biden's enforcement activities by the Securities and Exchange Commission have angered cryptocurrency CEOs.
The government has accused a number of cryptocurrency businesses, which the companies deny, of facilitating the trade of digital assets on its platform that ought to have been registered as securities. These companies include Coinbase (COIN.O) and Binance.
In a letter to Harris and the DNC on Saturday, a group of around thirty Democratic legislators and candidates for Congress urged them to adopt a "forward-looking" strategy when it comes to digital assets.
"From an electoral standpoint, crypto and blockchain technologies have an outsized impact in ensuring victories up and down the ballot," they stated.
(Source:www.reuters.com)
Speaking at the Bitcoin 2024 convention in Nashville, Trump positioned himself ahead of the Nov. 5 presidential election as the candidate who is most in favour of cryptocurrencies. He promised to make the United States the global leader in cryptocurrencies and to adopt more lenient regulations than Vice President Kamala Harris, the Democratic nominee.
Trump has attacked Democratic attempts to regulate the cryptocurrency industry, while the Republican Party has pledged less regulation of the industry.
"If we don't embrace crypto and bitcoin technology, China will, other countries will. They'll dominate, and we cannot let China dominate. They are making too much progress as it is," Trump said.
China has tightened restrictions on the flow of funds across its borders and has clamped down on cryptocurrencies. However, users may still trade tokens on cryptocurrency exchanges like bitcoin, and Chinese investors can create foreign bank accounts to purchase cryptocurrency assets.
Trump declared he would use cryptocurrency that the U.S. government presently possesses—mostly taken in the course of law enforcement actions—to construct a national "stockpile" of bitcoin and to form a crypto presidential advisory group.
"Never sell your bitcoin," the president stated. "If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," he stated.
Trump went on to say that although he had labelled cryptocurrencies a "scam" in 2021, he would still want to see more American companies engage in bitcoin mining.
After Trump's speech, the price of bitcoin first decreased, but it then increased and was last quoted up 0.94% at $68,182.
Trump also reaffirmed his intention to reduce Ross Ulbricht's life sentence for founding and running the Silk Road website, which let users to purchase and trade narcotics and other illicit goods covertly.
"Enough," Ulbricht's time served, said Trump, amid cheers and cries of "Free Ross" from the assembly.
Concerns have been expressed by nations all over the world, including the United States, about how privately run, very volatile digital currencies can threaten governmental authority over the financial and monetary systems, raise systemic risk, encourage financial crime, and harm investors.
Proponents of digital assets claim that voters are increasingly drawn to cryptocurrencies in this election year, though it's unclear how many of them would put cryptocurrencies ahead of other problems in the voting booth.
Since some cryptocurrency supporters support Trump, they would probably view any action taken by the US to establish a national bitcoin reserve as a significant step towards the legalisation of cryptocurrencies.
According to Reuters, Jack Mallers, CEO of the international bitcoin app Strike, Trump's plan to establish a strategic bitcoin reserve is a "unbelievable vote of confidence."
In the meanwhile, US President Joe Biden's enforcement activities by the Securities and Exchange Commission have angered cryptocurrency CEOs.
The government has accused a number of cryptocurrency businesses, which the companies deny, of facilitating the trade of digital assets on its platform that ought to have been registered as securities. These companies include Coinbase (COIN.O) and Binance.
In a letter to Harris and the DNC on Saturday, a group of around thirty Democratic legislators and candidates for Congress urged them to adopt a "forward-looking" strategy when it comes to digital assets.
"From an electoral standpoint, crypto and blockchain technologies have an outsized impact in ensuring victories up and down the ballot," they stated.
(Source:www.reuters.com)
