Former President Donald Trump has promised to make America a ‘Bitcoin superpower’ upon returning to the White House. He has said that he will prepare regulatory guidelines for the cryptocurrency industry and will appoint an advisory council for this work. At the Bitcoin 2024 conference in Nashville, Trump made several statements in support of cryptocurrency. He promised to fire Securities and Exchange Commission Chairman Gary Gensler and create a “strategic national bitcoin repository.”
Let us tell you that this is a big change in Donald Trump’s stance regarding cryptocurrency, because during his tenure as President, he had refused to accept Bitcoin as a currency. Criticizing cryptocurrency, he said that there is a lot of fluctuation in it. 78-year-old Donald Trump said in his address during a recent conference, ‘I have made my plans to ensure that the United States is recognized in the world as the cryptocurrency capital and Bitcoin superpower.’
I want America to become the crypto capital of the world: Trump
Bitcoin is the world’s first widely adopted cryptocurrency. It allows secure and seamless peer-to-peer transactions over the Internet. He also warned that Bitcoin investors would be ruined if Vice President Kamala Harris was elected president. He said that the Democrats want to drive crypto investors out of this business, but we will not let that happen. The former President said that if crypto is going to define the future then I want America to be the center of it. He assured that only those who support the crypto industry will prepare its rules, the aim of which is to bring clarity and fairness in this industry.
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“They (Democrats) want to strangle you,” Donald Trump said while addressing the Bitcoin 2024 conference, the cryptocurrency industry’s largest annual gathering, at Music City Center in Nashville. They want to put you out of business. We will not let this happen. And now your government will no longer silently watch Bitcoin-related jobs and businesses move to other countries. Because America’s laws are very vague and very harsh. We will keep every single job in the Bitcoin industry in the United States, not allow it to move out of the country. Trump is the first presidential candidate to address the annual cryptocurrency conference.
Only supporters of crypto will make rules for it: Trump
He said, ‘I am proud to be the first US presidential candidate to address a Bitcoin conference anywhere in the world. If crypto is going to define the future, I want the idea, implementation, and manufacturing to be all done in the United States. We will have rules, but from now on, the rules will be written by people who love your industry, not by people who hate your industry. People who want to make it clear and simple, straightforward and fair. People who want to see your industry flourish, not sink.
Trump also said that he would end efforts by the US government to create a Central Bank of Digital Currency (CBDC). Cryptocurrency investors have been criticizing this initiative for a long time. He said, ‘I will order the Treasury Department and other federal agencies to stop all charges that discourage the crypto industry, because something is going on in your industry. The present government wants to create a Central Bank of Digital Currency. CBDC will never be created while I am President of America. I will always protect the right to self-custody. You are going to have a great industry, and we are going to be the fuel for your industry.
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Indian-American entrepreneur and Republican leader Vivek Ramaswamy is a key advisor to Donald Trump on cryptocurrency. At the Bitcoin 2024 conference, Trump said, ‘America will be richer, the world will be better, and billions and trillions of people will be brought into the crypto economy and they will keep their savings in Bitcoin. Those who say that Bitcoin is a threat to the dollar have the opposite story. There is no threat to the dollar from Bitcoin. The behavior of the current US government is indeed a threat to the dollar.
Our economy is not threatened by crypto: Trump
Donald Trump said, ‘Our economy is not threatened by crypto. This is due to the waste of trillions of dollars, uncontrolled inflation and open borders. Lakhs and crores of illegal immigrants are coming to our country, taking advantage of welfare schemes and free health care. Our economy is in danger from this. Our economy is threatened by printing hundreds of billions of dollars to fund endless wars in other countries, while our own cities are becoming war zones. America will be a Bitcoin powerhouse. You will not have to go to China with your family. We will implement reforms, Bitcoin and crypto will grow our economy, further strengthen America’s financial dominance and strengthen our entire country in the future.
What is the law in America regarding cryptocurrency?
In the United States, Bitcoin and other cryptocurrencies are legal, but the rules for using them are quite complex.
1. In the US, Bitcoin and other cryptocurrencies are considered virtual currencies or commodities rather than securities by the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN).
2. The Securities and Exchange Commission (SEC) has issued guidelines on when a cryptocurrency can be considered a security, subjecting it to strict regulations.
3. The Internal Revenue Service (IRS) considers cryptocurrencies as property, which means cryptocurrencies are subject to capital gains taxes in the US.
4. Cryptocurrency exchanges and other businesses in the US have to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
5. Efforts are underway to further clarify cryptocurrency rules in America. Some states, such as New York, have implemented specific regulations for cryptocurrency businesses, such as BitLicense.