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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Former President Donald Trump is making big promises to the cryptocurrency community, aiming to win over crypto supporters with a bold pro-crypto agenda.
Trump has made headlines with pledges to protect Bitcoin mining rights, prevent the development of a Central Bank Digital Currency (CBDC), and even bolster America’s standing in the global crypto industry.
But as with many political promises, questions linger about whether he will be able to deliver.
Republican Party Unveils Draft Political Program
In July, the Republican Party unveiled a draft political program that highlighted cryptocurrency under its innovation agenda, alongside artificial intelligence and space exploration.
The platform vowed to “end Democrats’ unlawful and unAmerican crypto crackdown” and promised that a Trump-led administration would support Americans’ rights to mine, hold, and trade digital assets without government interference.
At the 2024 Bitcoin Conference in Nashville, Trump further rallied crypto enthusiasts, promising that any “anti-crypto crusade” by the current administration would end under his watch.
But implementing this vision faces several obstacles.
For one, Trump has expressed ambitious ideas about the domestic Bitcoin mining industry.
In a post on his social media platform, Truth Social, he suggested that all remaining Bitcoin should be mined within the United States.
The proposal, while appealing to some, clashes with Bitcoin’s decentralized nature.
Industry voices like Bitfarms CEO Ben Gagnon agree that while the U.S. could lead in mining, centralizing all production domestically contradicts Bitcoin’s founding principles of decentralization.
Another contentious promise involves Trump’s idea of creating a national Bitcoin reserve.
Trump has hinted at establishing a strategic Bitcoin stockpile to counter the national debt, which has ballooned to over $35 trillion.
The proposal, while intriguing, is fraught with challenges.
Legal hurdles surround much of the U.S. government’s current Bitcoin holdings, which stem from assets seized in criminal cases, with a portion expected to be returned to their rightful owners.
Senator Cynthia Lummis Seeks to Establish a Bitcoin Reserve
Additionally, a proposal from Senator Cynthia Lummis seeks to establish a Bitcoin reserve, but significant political support would be required to bring such a fund to life.
Regulation remains one of the biggest issues for the crypto sector, and Trump has taken a firm stance on it.
He has promised to fire SEC Chair Gary Gensler on “day one” to introduce more crypto-friendly regulations.
Yet, removing Gensler, a high-ranking official, would likely be a protracted legal process requiring cause and potentially sparking political backlash.
In another anti-regulatory stance, Trump has vowed to block any move toward a CBDC, saying a centralized digital currency would erode financial privacy.
Furthermore, Trump has vowed to commute the sentence of Ross Ulbricht, founder of Silk Road, the infamous darknet marketplace that facilitated the trade of illicit goods using Bitcoin.
Trump suggested during a Libertarian National Convention event that, if elected, he would “set Ulbricht free” on “day one.”
Another core promise is Trump’s endorsement of the “right to self-custody,” which he vows to enshrine into law.
While these promises resonate with some, Trump’s history of bold claims and subsequent reversals has left some crypto enthusiasts wary.
