Trump claims presidential win. Here is what he promised the crypto industry ahead of the election | Global News Avenue

As Donald Trump celebrated his impending victory at Mar-a-Lago on election night, he was joined by a high-profile group of supporters. These include Elon Musk, Robert F. Kennedy Jr. and Cantor Fitzgerald CEO Howard Lutnick.

These three have one thing in common: cryptocurrency.

Until recently, Trump had rarely talked about the industry, but he counted on it to provide his campaign and related political action committees with large sums of cash. To obtain this money, he would need to make a significant commitment to the crypto industry.

Digital asset markets soar on election night, Bitcoin hits Records exceeding $75,000as his victory begins to look likely. Cryptocurrency-linked stocks, such as Coin library and micro strategy It was also higher in after-hours trading Tuesday.

With a Republican-controlled Senate on the horizon, Trump faces few obstacles in establishing a more pro-crypto platform. Here are some of the things he promised to do:

July in NashvilleTrump hosted the largest Bitcoin conference of the year. The former president said during his keynote speech that if he returns to the White House, he will ensure that the federal government never sells its Bitcoin holdings. However, he stopped short of proposing the creation of a formal digital currency federal reserve.

“For too long, our government has violated a cardinal rule that every Bitcoin enthusiast knows well: Never sell your Bitcoins,” Trump said during his keynote address.

Trump promises to maintain current levels Bitcoin holdings Funds accumulated by the United States by seizing the assets of financial criminals.

“If I were elected, it would be the policy of my U.S. government to retain 100% of all Bitcoin currently held by the U.S. government or acquired in the future,” he said.

at present, U.S. Marshals Service regular auctions Bitcoin and other cryptocurrencies held in the country’s coffers, such as ether and Litecoin. These sales sometimes trigger cryptocurrency price drops, Just like earlier this year As Germany begins liquidating hundreds of millions of dollars worth of Bitcoin it has seized.

Trump has pledged in months of public speeches to overthrow the U.S. Securities and Exchange Commission Chairman Gary Gensler.

“Day one, I’m going to fire Gary Gensler,” Trump said, referring to Joe Biden’s appointment as SEC chairman who has taken an aggressive approach to cryptocurrency regulation .

The president does not have the authority to fire the SEC chairman. Even if Trump appoints a new chairman, Gensler will remain a commissioner at the independent agency.

Trump also vowed to create a “Presidential Advisory Council on Bitcoin and Cryptocurrency.”

“The rules will be made by people who love your industry, not people who hate your industry,” he said.

Gensler filed more than 100 lawsuits against cryptocurrency companies during his tenure as committee chairman. In multiple interviews, the SEC chairman has said he believes much of the industry already falls under his jurisdiction and that his lawsuit is simply to get the industry to comply.

Cryptocurrency companies argue that the latest legal battles do not provide the regulatory clarity the industry has sought for years and instead reflect regulatory overreach.

Trump also made clear his misgivings about Massachusetts Democratic Sen. Elizabeth Warren, who is widely viewed by the crypto community as an existential threat.

June In Palm Beach, Florida, there are about a dozen Bitcoin Mining executives and experts spoke with Trump for an hour and a half in a small tea room at the Mar-a-Lago club. The closed-door meeting marked the former president’s first meeting with technical experts who protect the $1.5 trillion Bitcoin network.

The intimate gathering brought together a coalition of some of the largest private and public mining companies in the U.S. industry, including Anti-riot platform, Marathon Digital Holdings, Terra Wolf, clean spark and core science.

Less than four hours after the Trump roundtable, the former president took to social media to extoll the virtues of Bitcoin mining operations.

“Biden’s hatred of Bitcoin will only help China, Russia and the radical communist left. We want all remaining Bitcoin to be made in the USA!!! This will help us become energy dominant!!!” Posted by Trump He spoke to The Truth Society shortly after the conference.

Trump has reiterated this view many times since.

“If cryptocurrency is going to define the future, I want it mined, minted and manufactured in the United States,” Trump declared in a message to the industry’s Bitcoin miners in Nashville. Powering the Machine.

“We’re going to generate so much power that you’re going to say, ‘Please, President, we don’t need any more power. We can’t stand it!'”

AugustTrump said he would lower interest rates if elected.

The Federal Reserve is responsible for guiding the country’s monetary policy and setting benchmark interest rates. By design, it also operates independently of the White House.

Federal Reserve Chairman Jerome Powell September decided to cut interest rates by half a percentage point in the first easing move in four years.

Historically, interest rate cuts and easing of monetary policy have coincided with surges in cryptocurrency prices, as they make it cheaper to borrow money.