Here's what Trump promised the crypto industry ahead of the election
Donald Trump branded himself as the pro-crypto candidate for president on the campaign trail.
As Donald Trump celebrated his prospective victory on Election Night at Mar-a-Lago, he was joined by a roster of high-profile supporters. Among them were Elon Musk, Robert F. Kennedy, Jr. and Cantor Fitzgerald CEO Howard Lutnick.
One thing those three people have in common: crypto.
I'm just hoping he wasn't lying but it's clear people trusted his promises because looks at the rise of Bitcoin right now, everybody believes it'll do well so they'll investing
The challenge with a lot of these campaign promises is the candidate cannot do them without Congress so they are talking out their asses.
With #crypto, Trump will be do things. He can get rid of Gensler and push some other things to lighten up the attacks.
very true, when I think about Congress I realize that the president has power but not all the power to do it. That means yes it's a promise but it'll be a fight for them if Congress disagrees
It's an industry that Trump talked little about until recently but has counted on for large amounts of cash for his campaign and related PACs. Getting that money required him to make big promises pertaining to the crypto industry.
Digital asset markets surged on Election Night, with bitcoin hitting a record of over $75,000, as his victory began looking likely. Crypto-linked stocks like Coinbase and MicroStrategy moved higher as well in after-hours trading Tuesday.
With a Republican-controlled Senate on the horizon, Trump has few roadblocks to putting in place a more pro-crypto platform. Here are some of the things he's pledged to do:
Strategic national crypto stockpile
In Nashville in July, Trump headlined the biggest bitcoin conference of the year. In his keynote address, the former president said that if he returned to the White House, he would ensure the federal government never sells off its bitcoin holdings. However, he stopped short of proposing a formal federal reserve of digital currency.
'On day one, I will fire Gary Gensler'
In public remarks for months, Trump has promised to unseat U.S. Securities and Exchange Commission Chairman Gary Gensler.
"On day one, I will fire Gary Gensler," Trump said, referencing the Joe Biden-appointed SEC chairman who has taken an aggressive approach to crypto regulation.
All bitcoin will be mined in America
In June in Palm Beach, Florida, about a dozen bitcoin mining executives and experts sat down with Trump for an hour and a half in a small tea room at the Mar-a-Lago Club. The closed-door session marked the first time the former president took a meeting with the technologists securing the $1.5 trillion bitcoin network by running large banks of high-powered machines.
Fed rate cuts
In August, Trump said that, if elected, he would lower interest rates.
The Federal Reserve, which guides the country's monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House.
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Lets see if he really is the $BTC president all crypto bros wishes.