Coin circle still not enough? Trump: Fire the current SEC chairman, establish a US "Bitcoin Reserve", strengthen power supply

In the early hours of today, at the just-concluded Bitcoin 2024 conference, former U.S. President Trump threw out a series of eye-catching promises to the cryptocurrency community, demonstrating his determination to garner support in this field.

Specifically, Trump promised: to classify Bitcoin as a strategic reserve asset of the United States, dismiss the current SEC chairman, establish a Bitcoin Presidential Committee, encourage power plants to strengthen electricity supply for Bitcoin mining, and explore the synergies between the crypto industry and the electric vehicle industry.

It is worth mentioning that this represents a significant shift in Trump's previous stance on digital assets, highlighting not only the increasing importance of cryptocurrencies in the U.S. political landscape but also reflecting new economic policy directions within the Trump camp.

These radical promises have brought volatility to the crypto community, as some U.S. officials propose more aggressive cryptocurrency support policies, and the Democratic Party seems to be "shifting," indicating potential dissatisfaction within the crypto community towards Trump's commitments.

Bitcoin experienced a V-shaped trend, initially dropping below the $67,000 mark in the short term, but towards the end, it surged significantly, breaking through the $69,000 mark.

Various Positive Commitments to the Crypto Community

Firstly, Trump promised that if elected, he would establish a "strategic national Bitcoin reserve." He stated that the federal government would retain all the Bitcoins it currently holds, approximately 210,000 coins, accounting for 1% of the total Bitcoin supply. This measure would make the U.S. the first country globally to formally include Bitcoin in its national strategic reserves, granting Bitcoin a strategic position similar to gold.

Secondly, Trump announced that on his first day in office, he would dismiss the current chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. Gensler, who has been in office since 2021, has been seen as having a hostile attitude towards the cryptocurrency industry, with his regulatory approach heavily criticized within the crypto industry. Trump promised to change this situation, stating that the current regulations are "too unclear, harsh, and rigid," hindering industry innovation.

Furthermore, Trump announced that if elected, he would establish a "Bitcoin and Cryptocurrency Presidential Advisory Committee," which would then formulate U.S. cryptocurrency policies, preserve all Bitcoin jobs in the U.S., and ensure that there would be no central bank digital currency (CBDC) during his presidency.

Additionally, Trump also promised to encourage innovation in the power plant and electric vehicle sectors in collaboration with the crypto community. He hopes for cryptocurrency mining to take place in the U.S., and to facilitate mining in the crypto sector, he will intensify efforts in the power supply sector, developing fuel-based power generation, nuclear power, and other environmentally friendly power generation methods, as well as exploring the synergies between the crypto industry and the electric vehicle industry.

This commitment aligns with the growing interest in sustainable crypto mining and the potential for blockchain technology to fundamentally transform the energy industry.

The Crypto Community Becomes a "Must-Win" Area in the Election

As the 2024 US presidential election approaches, cryptocurrency policy is becoming one of the hot topics for candidates' debates.

Trump has made cryptocurrency policy an important part of his campaign platform. According to sources from Trump's campaign team, the team has received various cryptocurrencies worth over $4 million since May. According to OpenSecrets data, donors from the crypto industry have contributed more funds to the 2024 election than in all previous cycles combined.

Compared to Trump's commitments, some US officials are proposing more radical policies in support of cryptocurrencies, and even the Democratic Party seems to be shifting.

Shortly after Trump's speech, Wyoming Republican Senator Cynthia Lummis, who attended the Nashville Bitcoin 2024 conference, announced her plans to draft a bill requiring the government to establish a national reserve of up to 1 million bitcoins within five years and hold them for 20 years. Independent US presidential candidate Robert Kennedy pledged during his speech on Friday to launch a reserve plan for 4 million bitcoins if elected president.

While US Vice President and Democratic presidential candidate Harris declined the invitation to the Bitcoin 2024 conference, it is expected that Harris will clarify her stance on cryptocurrencies in the coming weeks. According to media reports, on Saturday morning, local time, over 20 Democratic lawmakers, including Harris, signed a statement urging the Democratic National Committee to abandon Senator Elizabeth Warren's anti-bitcoin policy.