Trump’s campaign aims at earning the cryptocurrency vote by introducing a pro-crypto agenda.
He has garnered attention for vowing to protect Bitcoin miners, fight against the Central Bank Digital Currency, and improve America’s competitive position in the global Crypto industry.
However, like many political pledges, the doubt exists about whether he can make it come true.
Republican Party Publishes Their Political Agenda In Draf Form
During July, the Republican Party released a draft program which under the innovation section included cryptocurrency, AI and space exploration.
The said platform kept its word when it said that “the democrats’ unconstitutional and unAmerican ethnocentrism towards crypto will be over” and assured the citizens that the trump administration will ensure that the citizens’ right to mine, own and trade assets goes untouched.
When speaking in Nashville, TN for the 2024 Bitcoin Conference, President Trump poured fuel on the fire of the Crypto revolution by saying: “There will be no more anti-crypto crusade when Trump is president”.
Now there is a great deal of affirmations towards the objective, but implementing this vision is also full of hurdles.
To begin with, Trump had very interesting ideas about the domestic Bitcoin mining industry.
On his Truth Social platform, he recommended that any remaining Bitcoin still out there ought to be mined within the USA.
This proposal, however, would appeal to some, is in direct opposition to the core feature of Bitcoin which is its distributed nature.
Voices of the industry such as Ben Gagnon of Bitfarms hold that to the extent the Us might have a chance to lead the mining sphere, concentrating all the production within one country violates the basic ideas on which Bitcoin was founded.
Another controversial promise relates to Trump’s proposal of establishing the national Bitcoin reserve.
Trump has pointed towards utilizing a national reserve of Bitcoin in order to alleviate some of the atrociously high national debt which has reached 35 trillion dollars.
It is certainly a compelling idea, but one that is automatically associated with a number of issues.
The legal context of ownership afflicts most of the current US government’s invested Bitcoin, specifically those that currently originate from unsuccessfully contested fraudulent proceeds but have a claim for a returning to its initial possessor.
Besides this, there is also an initiative from the Senator Cynthia Lummis aiming towards the development of a Bitcoin Reserve.
Moreover, even in the case of the proposal put forth by Senator Cynthia Lummis she was this time around supportive of such fund, but there would have to be wide political support to realise such a fund.
Finally, one of the significant problems for the crypto sector still remains regulation, a field where Trump has been easily the most vocal advocate for.
He has sworn that on "Day 1" of his administration, he will dispose of "crypto unfriendly" SEC Chair Gary Gensler in order to bring in more crypto-friendly regulations.
However, removing a constitutional official from office would ordinarily entail a long and possibly politically controversial legal procedure that would require a good cause.
In a further anti-regulatory position, Trump has promised to stop any movement towards the creation of a Central Bank Digital Currency (CBDC) calling it an important breach of finance privacy and financial privacy.
Also, Trump has promised to pardon Ross Ulbricht, the creator of the Silk Road, which was a notorious dark web site that enabled the purchase of illegal products using Bitcoin.
During one of the events of the Libertarian National Convention, Trump hinted that he would pardon Ulbricht on the “first of day”.
Another fundamental commitment is Trump’s support of “the right to self-custody” which he has promised to put into law militancy.
Although these promises appeal to many, Trump’s track record of making reckless promises and then going back on them has left a portion of the crypto community doubtful.
