As the results of the U.S. presidential election were roughly determined, Trump took the lead during the vote counting process and was determined to return to the White House. The price of Bitcoin hit a new high, and the cryptocurrency market set off a celebration. Looking back at Trump’s campaign, he made two major promises to cryptocurrency voters: First, he would release Ross Ulbricht, the founder of the dark web “Silk Road”; second, he would release Securities and Exchange Commission (SEC) Chairman Gary Gensler. Gensler) "fired."
Free Ross Ulbricht, the founder of the dark web "Silk Road"
As early as May this year, Trump briefly mentioned cryptocurrency policy in a speech. At that time, he promised to support the cryptocurrency industry from "the first day he took office" and vowed to "commute all remaining sentences of Ross Ulbricht." , allowing him to regain his freedom.
According to reports, Trump considered granting clemency to Ross Ulbricht when his first presidential term was about to end but later did not execute it. Trump's promise at that time led the crowd to shout 'Free Ross,' and this was also why he gained favor with members of the Libertarian Party, the third-largest political party in the U.S.
Ross Ulbricht is currently serving a life sentence without parole for creating and operating the Silk Road dark web, which is closely related to the early history of Bitcoin. He previously posted on the social platform X stating:
Last night, Donald Trump promised that if elected again, he would commute my sentence on the first day of his presidency. Thank you. Thank you. After spending 11 years in prison, the feeling at this moment is hard to express. Thanks to your unwavering support, I might get a second chance.
Firing Gary Gensler on the first day of his presidency
In July, Trump reiterated this promise at the '2024 Bitcoin Conference' held in Nashville, further catering to the cryptocurrency community by promising that if elected, he would 'fire the U.S. SEC Chairman Gary Gensler on the first day of his presidency.'
This promise was so well-received by the community that Trump acknowledged he was not aware of 'how unpopular Gary Gensler is,' and the reason this SEC chairman is seen as 'the public enemy of the cryptocurrency community' is that he led the SEC to enforce laws instead of regulating, targeting many successful cryptocurrency businesses.
Recently, Trump has also further 'confronted' Gary Gensler and the SEC, endorsing a DeFi project called 'World Liberty Financial,' aimed at providing DeFi lending services and eventually entering the tokenized real estate sector.
World Liberty Financial recently began selling tokens, aiming to raise $300 million, but only for qualified investors in the United States.
Therefore, Trump's desire to fire Gary Gensler is not only because he knows it will bring him votes but also because he has directly invested in a cryptocurrency project and hopes that by firing Gary Gensler, he can significantly push for more favorable cryptocurrency regulations.
To bring Bitcoin back to 'American manufacturing' and not allow the U.S. government to sell Bitcoin.
Trump also stated that he wants to 'bring Bitcoin back to American manufacturing,' hoping that Bitcoin is manufactured and mined in the United States rather than originating from China. Therefore, the cryptocurrency community believes that Trump's victory would be more favorable for the cryptocurrency industry, at least in the short term.
Trump also mentioned that if he is elected, he 'will not allow the U.S. government to sell (confiscated) Bitcoin,' and claimed that 'Bitcoin will become a strategic reserve asset for the United States,' emphasizing that if the U.S. does not embrace Bitcoin technology, China and other countries will dominate the cryptocurrency market, and the U.S. cannot allow China to take the lead.
In addition, Trump's promises to the American cryptocurrency industry include:
Prohibit the U.S. government from creating a central bank digital currency (CBDC), commonly known as 'digital dollars';
Establish a 'Bitcoin and Cryptocurrency Advisory Committee,' which will be completed within 100 days;
Establish a dedicated 'Cryptocurrency Policy Working Group';
Ensure that every American has the right to autonomously manage their digital assets and trade freely without government surveillance and control;
Will not suppress forward-looking industries but will actively embrace them, including making the United States the 'global capital of cryptocurrency and Bitcoin';
End the Democratic Party's 'illegal' and 'un-American' suppression of cryptocurrency;
Defend the right to Bitcoin mining;
Will Trump go back on his word?
However, it is important to be cautious as Trump may 'not keep his word,' because he has made various promises in the past, but the record of fulfillment has been mixed, and he has been criticized by the media for having a 'default rate' exceeding 80%.
For example, he fulfilled some promises during his first presidential term, including tax cuts, withdrawing from the Paris Climate Agreement, increasing military spending, and deregulating, while partially delivering on trade agreements and other commitments. However, Trump did not fulfill his promises regarding U.S. debt, reforming Obamacare, and deporting illegal immigrants.
In other words, there is still some uncertainty about whether Trump can fulfill his promises to the cryptocurrency industry.
Due to Trump's clear stance on cryptocurrency, the market has high expectations. According to research firm Bernstein, if Trump wins, Bitcoin prices could reach between $80,000 and $90,000.
"See all of Trump's 'promises to the cryptocurrency sector' at once! Will the 'habitual offender' go back on his word this time?" This article was first published on (Blockguest).
