Trump Wins US Elections: Here Are His Most Daring Crypto Promises

• The curtains have closed on the US 2024 elections.
• President-elect Donald Trump made several bold promises to the crypto community on the campaign trail.
• Market participants are optimistic about the crypto industry’s future under a Trump presidency.

After months of anticipation and intense debates, the curtains have now closed on the 2024 US elections , with many labeling crypto as the real winner following a Donald Trump victory and a Republican majority in Congress. The sentiments come as Trump expended significant effort and time courting the crypto community , even though polls suggested it was not a key issue in the election.

In this article, DailyCoin examines some of the bold crypto promises the President-elect made on the campaign trail.

Trump’s Crypto Manifesto 

From the Bitcoin 2024 conference to campaign speeches and social media posts, President-elect Donald Trump has made several significant commitments to the crypto community. Below are some of the biggest:

Trump Promises to Fire Gensler and End the Regulatory Crackdown on Crypto

Under President Joe Biden’s administration, the crypto industry has claimed to be the target of a regulatory pincer attack that frustrates innovation and drives talent abroad. 

This attack includes a barrage of enforcement actions from the SEC led by Chair Gary Gensler , banking hurdles imposed by the FDIC , and several attempts to impose stringent tax rules on crypto. On the campaign trail, Trump promised to stop this regulatory crackdown. 

“Day one, I will fire Gary Gensler,” he told a cheering crowd at Bitcoin 2024.

“The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry,” Trump added. “I will appoint a new SEC chairman who believes that America should build the future, not block the future.”

The then-presidential candidate also promised to set up a crypto advisory committee within 100 days of his inauguration to oversee the creation of a comprehensive digital asset regulatory framework.

Trump Promises to Protect Right to Self-Custody

Key figures in the Biden administration, such as Senator Elizabeth Warren , have frequently expressed concerns about cryptocurrency’s anonymity and reduced government oversight. They have advocated for anti-money laundering (AML) legislation that could potentially harm decentralized finance (DeFi) while simultaneously promoting plans for a central bank digital currency (CBDC) .

During the 2024 US election campaign, however, Trump pledged to embrace the liberties afforded by crypto over increased government oversight through CBDCs.

“There will never be a CBDC while I’m president of the United States. And I will always defend the right to self-custody,” Trump asserted at Bitcoin 2024.

Trump Promises to Support Bitcoin Mining

Bitcoin mining has always been a polarizing topic as its high energy intensity continues to spark sustainability debates. As a means of discouraging the activity, the Biden administration made several unsuccessful attempts to impose stringent taxes on it.

Far from imposing taxes, however, Trump has promised to support Bitcoin mining . He posted on Truth Social in June 2024:

“Bitcoin mining may be our last line of defense against a CBDC. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”

Trump went on to reiterate these sentiments at Bitcoin 2024.

Trump Promises To Build a National Bitcoin Reserve

With Bitcoin often touted as digital gold, proponents have often toyed with the idea of it serving as the world’s reserve currency. While these musings have often seemed like wishful thinking, they may now be getting a step closer to reality should Trump fulfill his promises.

Speaking to the crowd at Bitcoin 2024, the president-elect had committed to building a “strategic national Bitcoin stockpile,” starting with the over 200,000 BTC in the government’s coffers obtained from seizures.

“It will be the policy of my administration to keep 100% of all the Bitcoin the US government currently holds or acquires into the future,” he asserted.

Trump Promises To Free Ross Ulbricht 

Speaking to Libertarians in May 2024 , Trump promised to commute the sentence of Ross Ulbricht, who has served 11 years of a double life sentence for his role in founding Silk Road.

Silk Road was a notorious dark web marketplace that allowed users to trade anything from drugs to child pornography using Bitcoin. However, Ross has been branded as a martyr in core crypto circles as proponents argue that the developer should not be held liable for how people chose to use the platform.

“If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served,” Trump asserted. “He’s already served 11 years, we’re gonna get him home.”

Amid all of these promises, market participants are significantly optimistic about the future of the crypto industry under a Trump administration. This optimism has been reflected in the broad market rally that has followed his win. The rally saw Bitcoin surge to all-time highs above the $75,000 price point.

On the Flipside 

• This is Trump’s second go-around as president. He did not necessarily do anything of note for crypto the first time.
• Several experts have argued that crypto was bound to rally in the long term regardless of who won the election.

Why This Matters

Trump’s crypto promises were the primary reason he garnered significant support within the crypto community. 

Read this for more on how Trump’s win on the crypto markets:
Bitcoin Breaks $75K as Trump’s Victory Sparks Crypto Frenzy

See why Animoca Brands believes Polymarket will remain relevant after the US elections:
Why Polymarket Stays Relevant After US Elections According to Animoca Brands