The Bitcoin 2024 conference was held Saturday in Nashville at Music City Center, where organizers reported that there were no seats available when former President Donald Trump addressed the crowd of about 10,000.
Trump also pledged to stop government sales and create an advisory panel focused on crypto. In a moment of particularly enthusiastic applause, he even sacked Gary Gensler as the chair of the Securities and Exchange Commission.
“On day one, I will fire [Securities and Exchange Commission Chairman] Gary Gensler,” Trump announced this to the audience in the middle his 50 minute speech. After about 20 minutes of silence, the crowd immediately erupted.
It is not clear whether the President has the authority to remove a head of an agency. Neither the Securities Exchange Act of 1935 nor Article II of Constitution expressly grants this power to President.
Trump’s address came the day after Robert F. Kennedy Jr. (running as an Independent) spoke at Bitcoin2024. Kennedy told the crowd on Friday that he was expecting Trump to announce a plan for a Bitcoin strategic reserve. “Bitcoin Fort Knox.”
“I applaud that announcement,” Kennedy made the statement Friday in a keynote speech.
Trump’s remarks did not include any mention of a “strategic reserve” He did not mention bitcoins specifically, but he promised that the US government will hold all bitcoin assets in order to create a “stockpile.”
Trump, if elected, would likely stop the US government from selling seized crypto and bitcoin assets.
Sen. Cynthia Lummis of Wyoming, R, immediately took the podium after Trump had left to announce her new appointment. “bitcoin reserve bill,” The US would be required to create, within five years, a reserve consisting of 1,000,000 BTC. This reserve must be held for at least 20 years.
Lummis stated that the only use for tokens is to reduce national debt.
Trump’s remarks throughout the speech were a pledge to lead an administration that was friendly towards industry, and he criticized Biden for his approach.
“For three and a half years, the current administration has waged a war on crypto,” Trump said. “They slander you as criminals, but that happened to me, too, because I said the election was rigged.”
The crowd cheered as a response.
“This is the kind of spirit that is going to make America great again,” Trump said to the crowd.
“This is the steel industry of 100 years ago,” Adding that bitcoin is still a young industry, he stated. “There’s never been anything like it.”
The appearance is a sign that the Trump campaign has continued to be friendly with the crypto industry. As a show of seriousness from the Trump campaign, it is now seeking to fill a brand new position: a “crypto-expert”. “crypto czar” According to a source familiar with the issue, Trump’s victory in November will inform his policy.
Trump said on Saturday that he would establish a digital asset advisory board, which is tasked with establishing a fair regulatory system within 100 days.
Trump’s remarks came a day after a group of 28 Democratic candidates and federal legislators wrote a letter asking the Democratic National Committee chair Jaime Harrison to adopt a more positive stance towards crypto.
“There is a public perception that the party holds a negative viewpoint on digital assets, largely due to the current SEC’s approach to these transformative technologies. We believe this previous hostility does not reflect our Party’s progressive, forward-looking, and inclusive values,” The letter is read. “A refreshed leader of the ticket represents an opportunity to change that perception.”
The group presented four requests to the DNC. These included: including crypto language in their program, selecting a Vice-President candidate “sophisticated in digital asset policy,” Choose a “pro-innovation” Gary Gensler, the SEC chair, has been replaced. “engage with industry experts.”
Wiley Nickel from North Carolina, and Ritchie Torres from New York were among the signatories of the letter.
Bitcoin 2024 organizers claimed earlier in the week that it was a cryptocurrency. “in talks” With the presumed Democratic Vice-President Kamala Harris regarding her Nashville speech. Bitcoin Magazine CEO David Bailey reported that Harris’s team declined the invitation.
Blockworks’ requests for comment and confirmation of these claims were not answered by the Harris campaign.
In May, Trump announced that he will accept donations in cryptocurrency. Since then, two Trump-related PACs received a total of $4 million in crypto contributions, which were later converted into USDC stablecoin.
According to Federal Election Commission reports, the Trump campaign raised $331 million during the second quarter. There are many big names in the crypto world on the receipts. Cameron and Tyler Winkelvoss gave a total 31 BTC (or about $2 million) to the Trump 47 Committee PAC.
The donation took place on June 20. The twins received a refund the next day for a portion that exceeded their individual contribution limit, $844,600.
Jesse Powell, co-founder of Kraken, donated 245 ETH which is equivalent to about $840,000. One woman who retired in California gave the Trump 47 Committee around $45,000 worth of 0.7 BTC.
According to filings, a Department of State worker donated 0.04 BTC (roughly $2,500) and a McDonalds employee also donated $650 of ETH.
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