Trump unveils cryptocurrency plan at Bitcoin2024 Conference

Former President Donald Trump unveiled his plan for cryptocurrency while making history as the first major party candidate to address the annual cryptocurrency conference. During his Saturday speech, he also attacked Democrats for trying to “obliterate” cryptocurrencies.

“I am proud to be the first American president to address a Bitcoin event anywhere in the world,” he said during his appearance at Bitcoin2024 Conference in Nashville’s Music City Center. “If crypto is going to define the future, I want it to be mined, minted and made in the USA.”

Trump and a host of Republicans, including entrepreneur Vivek Ramaswamy and Sens. Marsha Blackburn (R-Tenn.), Bill Haggerty (R-Tenn.), and Tim Scott (R-S.C.) were also in attendance. Trump has pointed to Ramaswamy as his main cryptocurrency advisor. 

During his speech, Trump said that if elected president, he would create a cryptocurrency advisory board to create “transparent” regulation within his first 100 days. He also committed to scrapping the Biden administration's plan to create a central bank for cryptocurrency.

“Regulation will be written by people who love your industry and not hate it within my first 100 days,” he said.  

“I will tell the Treasury Department to cease and desist all steps and necessary moves to shut down the central bank,” he added. “Forget about it.” 

The Biden administration has rolled out a series of proposals to regulate cryptocurrency, with the Securities and Exchange Commission moving to regulate cryptocurrency agencies more strongly than ever before. 

Trump also lambasted President Biden and Vice President Harris for moving to regulate cryptocurrency during the last four years, saying they want to “choke” off the industry.

“If they win this election, every one of you will be gone. They will be vicious, ruthless,” he said. "Right now, because of me, they are leaving you alone, so please say thank you, President Trump.”

Crypto firms have criticized the Biden administration for being “overzealous” in enforcing industry regulation. They have also increasingly viewed Biden and Democrats as inhospitable to the industry, leading to senior Biden administration officials meeting with crypto leaders earlier in July to try to improve relations. 

“Unfortunately, the majority of Dems continue to enable [SEC Chair Gary] Gensler’s unlawful war on crypto – sabotaging the ability for American innovation to thrive,” Ripple CEO Brad Garlinghouse wrote in a post on social platform X after that meeting 

“It’s no wonder the GOP has announced a pro-crypto stance,” he continued. “Gensler will go down as the Luddite of his time. Words are easy, action is hard but necessary. Choose wisely. Voters are paying attention.”