Over the weekend, the Bitcoin Nashville conference saw a flurry of activity, with former U.S. President Donald Trump and a number of lawmakers taking the stage to woo Bitcoin holders. 🤑 The biggest news? Trump and Sen. Cynthia Lummis' proposals to create a strategic reserve for Bitcoin! 🏛️ This event also marked Sen. Tim Scott's foray into the crypto conversation.
This is the first major U.S. election where crypto is getting serious attention from lawmakers and candidates. 🗳️ While it's still unclear if there's a significant number of single-issue crypto voters, it's clear that lawmakers are going to continue to court this crowd in the coming months.
Trump, hoping to reclaim the presidency this November, promised that if elected, he'd appoint friendlier regulators and create a strategic bitcoin stockpile. 🇺🇸 Sen. Lummis echoed this sentiment, introducing a bill this week to support the goal.
"And so as the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we'll keep 100%," Trump declared. "I hope you do well, please. This will serve, in effect, as the core of the strategic national bitcoin stockpile."
Trump also acknowledged that "most of the bitcoin currently held by the United States government was obtained through law enforcement action." 👮♂️ "You know that they took it from you. Let's take that guy's life. Let's take his family, his house, his bitcoin. We'll turn it into bitcoin. It's been taken away from you, because that's where we're going now. That's where this country is going to – fascist regime. And so as I take steps to transform that vast wealth into a permanent national asset to benefit all Americans," he said.
While both Trump and Lummis' proposals leave some questions unanswered, they're more about sending a message to the bitcoin community. 💬 If Trump becomes president again (and/or if Republicans control the Senate), they'll be more friendly to the industry than in his first term.
Trump also gave a shout-out to Vivek Ramaswamy, who briefly ran for the Republican nomination. "I've heard from Vivek 175 million people in some form, are involved with this world of crypto and Bitcoin and all of the others, 175 million," he said. "So when they heard that, they said, 'Let's be nice to them, at least until after the election.'"
This event also served as Sen. Tim Scott's (R-S.C.) first major introduction to the crypto community. 🤝 As the top Republican on the Senate Banking Committee, Scott could become the committee's chair if the GOP takes back the Senate, giving him control over legislation that could impact the Securities and Exchange Commission and crypto regulation.
While Scott didn't introduce any specific policy ideas during his speech, his presence at the conference signals a growing interest in crypto from lawmakers across the political spectrum.
It's clear that crypto is becoming a more prominent issue in U.S. politics. 🇺🇸 Whether this translates into a significant voting bloc remains to be seen, but one thing is certain: lawmakers are paying attention.
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