Donald Trump has announced plans to make the United States the “crypto capital of the planet.” On Twitter, Trump shared a video saying:
“This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet.”
His campaign has pulled in around $25 million from crypto-related donations, showing there’s some real support for him.
Trump’s DeFi project
Trump’s announcement also introduced World Liberty Financial, a decentralized finance (DeFi) project that’s just been rebranded from “The DeFiant Ones.” Trump’s sons, Eric and Donald Jr., are out front on this one, pushing it hard.
Eric’s calling it a “new era in finance,” though the details on what World Liberty Financial actually plans to do are still sketchy. But their Telegram channel shot up to over 52,000 subscribers not long after the announcement.
But let’s be real: the crypto market is filled with scams, and some folks are already sounding the alarm, warning people to tread carefully with any new venture linked to high-profile names.
.@worldlibertyfi pic.twitter.com/mwhVIzPJyq
— Donald J. Trump (@realDonaldTrump) August 29, 2024
During his appearance at the Bitcoin 2024 conference, the former president promised to create a “crypto and bitcoin presidential advisory council” if he wins. This council would supposedly focus on shaping policies that are friendlier to crypto.
Another one of Trump’s plans is building a “strategic bitcoin stockpile” for the United States. This idea is to hold onto all bitcoin currently in U.S. government possession, which mostly comes from seizures in criminal cases. Estimates suggest this could be around $5 billion worth of bitcoin.
The aim? To position the U.S. as a big player in the global Bitcoin market. One of the more controversial promises Trump made was to fire Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), on his first day back in office.
Gensler isn’t exactly popular in the crypto community. Many blame him for the regulatory crackdown on digital assets that’s been happening lately. Trump’s promise to get rid of him plays well with a crowd that’s tired of government interference.
Trump’s also pushing to turn the U.S. into a “bitcoin mining powerhouse.” He’s talked about boosting domestic mining operations to make America the global leader in bitcoin mining.
“If bitcoin is going to the moon, I want America to be the nation that leads the way,” he said.
