Former President Donald Trump became the first major party candidate to speak at the annual cryptocurrency conference and laid out his plans for cryptocurrencies, also accusing Democrats of trying to “eliminate” the currency in his speech on Saturday.
“I’m proud to be the first American president to speak at a bitcoin-related event anywhere in the world,” the president said during an appearance at the Bitcoin 2024 conference at Nashville’s Music City Center. “If cryptocurrency defines the future, I want it to be mined, minted and manufactured in the United States.”
In addition to President Trump, other Republican lawmakers in attendance included Sen. Vivek Ramaswamy, an entrepreneur, Sen. Marsha Blackburn (R-Tenn.), Sen. Bill Hagerty (R-Tenn.), and Sen. Tim Scott (R-S.C.). President Trump has positioned Ramaswamy as his main crypto advisor.
In his speech, Trump said that if elected president, he would create a crypto advisory committee to develop “transparent” regulations within his first 100 days in office, and also vowed to reverse the Biden administration’s plan to create a central bank for cryptocurrencies.
“Within my first 100 days in office, regulations will be written by people who love the industry, not people who hate the industry,” he said.
“I instruct the Ministry of Finance to cease all measures and necessary actions to close the central bank,” he added. “Forget it.”
The Biden administration has released a series of proposals to regulate cryptocurrencies, with the Securities and Exchange Commission moving to regulate crypto institutions more strictly than ever before.
Trump also slammed President Biden and Vice President Harris for their efforts to regulate cryptocurrencies over the past four years, saying they are trying to “suffocate” the industry.
“If they win this election, you will all be gone. They will be cruel and ruthless,” he said. “Now, because of me, they will leave you alone. So, President Trump, please say thank you.”
Crypto companies have criticized the Biden administration for being “overzealous” in enforcing industry regulations, and the perception that Biden and the Democratic Party are cold toward the industry has grown, with senior Biden administration officials meeting with crypto industry leaders in early July in an attempt to improve relations.
“Unfortunately, the majority of the Democratic Party [SEC Chair Gary] “Gensler’s illegal war on cryptocurrency is stifling American innovation’s ability to thrive,” Ripple CEO Brad Garlinghouse wrote in a post on social platform X after the meeting.
“It’s no wonder Republicans have taken a pro-crypto stance,” he continued. “Gensler will be remembered as the Luddite of his time. Easy to say, hard to act, but necessary. Choose wisely. Voters are paying attention.”
