George Lujack
NASHVILLE, TN — Former President Donald Trump launched a scathing attack on Vice President Kamala Harris over the Biden administration’s cryptocurrency regulation policies, while announcing a series of industry-friendly initiatives aimed at garnering support from cryptocurrency enthusiasts.
Addressing a major cryptocurrency conference in Nashville, Tennessee, Trump sought to link Harris to the Biden administration’s stringent regulatory stance on digital assets, despite her lack of public comments on the issue. Trump asserted that Harris is “against crypto,” as her team increases outreach to the cryptocurrency community.
Trump proposed several measures to bolster crypto firms, including the government maintaining a bitcoin reserve, establishing a crypto advisory council, appointing a crypto-supportive Securities and Exchange Commission (SEC) 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,” Trump declared. “The moment I’m sworn in, the persecution stops and the weaponization ends against your industry.”
Trump’s participation in the Bitcoin 2024 conference solidified his commitment to the crypto industry, which is vigorously lobbying in Washington and planning to spend over $160 million to influence this year’s elections. However, Harris’ increasing engagement with the industry could complicate Trump’s efforts. Some Democrats are encouraging her to distance herself from the Biden administration’s cautious approach.
Trump vowed to dismiss SEC Chair Gary Gensler, who has initiated several high-profile crypto enforcement actions and highlighted the investor risks associated with digital asset trading. Additionally, Trump promised to implement policies supporting stablecoins, cryptocurrencies pegged to other assets such as 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,” Trump assured the audience.
Trump’s remarks were met with enthusiastic applause, especially when he pledged to fire Gensler.
“I didn’t know he was that unpopular,” Trump commented.
Trump praised the audience, describing them as “highly intelligent,” and criticized crypto skeptics like Senator Elizabeth Warren (D-Mass.), whom he mentioned by name.
“The Biden-Harris administration’s repression of crypto and bitcoin is wrong, and it’s very bad for our country,” Trump stated.
Although Trump was previously a critic of cryptocurrency, he did not acknowledge his past comments during his speech. In 2019, he expressed skepticism about bitcoin and other cryptocurrencies, calling them “not money” and criticizing their volatility and lack of intrinsic value.
Trump began openly supporting the crypto industry in May, capitalizing on his new stance by hosting fundraisers with crypto executives at his Mar-a-Lago resort. Before his Saturday speech, Trump attended a fundraiser at the bitcoin conference, where the asking price for VIP access, a roundtable, and a photo with the former president was $844,600. A lower-tier ticket for $60,000 per person or $100,000 per couple allowed access to the reception and a photo with Trump.
After a significant delay, Trump took the stage on Saturday afternoon and acknowledged several prominent figures in the crypto world, including the Winklevoss twins, whom he called “male models with a big beautiful brain,” Representative French Hill of Arkansas, a contender for the House Financial Services Committee chairmanship next year, and David Bailey, the conference organizer.
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