{"id":2319201,"date":"2024-08-05T04:38:01","date_gmt":"2024-08-05T08:38:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-trump-presidency-would-be-a-boon-for-crypto\/"},"modified":"2024-08-05T04:46:49","modified_gmt":"2024-08-05T08:46:49","slug":"a-trump-presidency-would-be-a-boon-for-crypto","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-trump-presidency-would-be-a-boon-for-crypto\/","title":{"rendered":"A Trump Presidency Would Be A Boon For Crypto"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fa-trump-presidency-would-be-a-boon-for-crypto%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2319201&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>At the 2024 Bitcoin Conference in Nashville, Tennessee, former President Donald Trump\u2062 presented a comprehensive \u2062vision for\u200c transforming \u200bAmerica into the &#8220;crypto capital\u2062 of the planet&#8221; and the world&#8217;s Bitcoin superpower. As part of \u2064his campaign for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-rand-paul-offers-dr-rachel-levine-as-example-of-radical-agenda-riding-bidens-coattails\/\" title=\"Sen. Rand Paul Offers Dr. Rachel Levine As Example Of Radical Agenda Riding Biden\u2019s Coattails\">upcoming presidential election<\/a>, Trump outlined his ambitious plans that significantly contrast with the current administration&#8217;s approach to the cryptocurrency industry.<\/p>\n<p>Key elements of Trump&#8217;s proposal include the establishment of a Strategic National Bitcoin Stockpile, intended to\u200c create a federal reserve of Bitcoin through procurement and legal seizures. \u200cAdditionally, he aims to appoint a crypto-friendly\u200b regulatory board and intends to dismiss the current\u2062 Securities and Exchange Commission (SEC) Chairman, Gary Gensler, whom he criticized for \u2062his stringent enforcement actions against \u200cthe crypto sector. Under Gensler&#8217;s leadership, the SEC has executed a record number of enforcement actions, imposing nearly $2.89 billion in penalties on the industry in 2023 \u2063alone.<\/p>\n<p>Trump&#8217;s appearance at the conference marked a historic moment for presidential candidates, as he took a strong pro-crypto stance, \u2063promising to reverse \u200bwhat he described as the Biden administration&#8217;s &#8220;anti-crypto crusade.&#8221; The crowd responded enthusiastically to Trump&#8217;s vows, especially his pledge to fire \u200cGensler immediately upon taking office, demonstrating a\u200d clear disconnect \u200cbetween his vision for cryptocurrency and the \u200bcurrent regulatory \u2062environment.<\/p>\n<p>the election&#8217;s outcome could significantly influence the \u2063future of American cryptocurrency policy, \u200cwith Trump&#8217;s proposals aiming to foster industry growth and \u2064enhance the U.S.&#8217;s position in the global crypto\u2063 landscape.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>The future of America&rsquo;s crypto industry will largely depend on the outcome of November&rsquo;s presidential election. At the 2024 Bitcoin Conference in Nashville, Tennessee, former President Donald Trump outlined his ambitious vision for making America the &ldquo;crypto capital of the planet and the Bitcoin superpower of the world.&rdquo;<\/p>\n<p>In addition to its symbolic significance, Trump&rsquo;s appearance at the conference and his pro-crypto plan are historic firsts among <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-4-in-10-californians-have-considered-fleeing-the-state\/\" title=\"Poll: 40% of Californians Contemplated Leaving\">major presidential candidates<\/a>. Trump&rsquo;s plan includes establishing a Strategic National Bitcoin Stockpile, appointing a crypto-friendly regulatory board, firing Securities and Exchange Commission Chairman Gary Gensler, and ending the Biden-Harris administration&rsquo;s &ldquo;anti-crypto crusade.&rdquo;<\/p>\n<p>In stark contrast to the Biden-Harris administration&rsquo;s approach toward cryptocurrency, Trump&rsquo;s platform would invigorate the crypto industry and promote its growth. &nbsp;<\/p>\n<p>The current hostility toward cryptocurrency has been spearheaded by SEC Chairman Gensler, a Biden-Harris administration appointee. The SEC, under Gensler&rsquo;s leadership, brought a record number of enforcement actions against crypto industry players in 2023 and imposed <a href=\"https:\/\/www.troutman.com\/insights\/sec-continues-to-regulate-cryptocurrency-through-record-high-enforcement-efforts.html#:~:text=SEC's%20Cryptocurrency%20Enforcement%20Efforts&amp;text=In%202023%2C%20the%20SEC%20brought,individuals%20and%2046%25%20were%20firms.\" target=\"_blank\" rel=\"noreferrer noopener\">$281 million in penalties<\/a> from settlements in 2023 alone. The SEC has imposed a <a href=\"https:\/\/www.troutman.com\/insights\/sec-continues-to-regulate-cryptocurrency-through-record-high-enforcement-efforts.html#:~:text=SEC's%20Cryptocurrency%20Enforcement%20Efforts&amp;text=In%202023%2C%20the%20SEC%20brought,individuals%20and%2046%25%20were%20firms.\" target=\"_blank\" rel=\"noreferrer noopener\">staggering $2.89 billion in penalties<\/a> on the crypto industry through the end of 2023.<\/p>\n<p>Gensler has aggressively targeted cryptocurrency industry stakeholders and companies, all the while failing to provide clear regulatory guidance for the crypto industry. Much of the SEC&rsquo;s enforcement actions center on the question of whether cryptocurrency is a &ldquo;security&rdquo; under U.S. law (based on the <em>Howey<\/em> test).<\/p>\n<h2>No Explicit SEC Regulation<\/h2>\n<p>Despite Gensler&rsquo;s belief that cryptocurrencies should be regulated as securities, there is no explicit SEC regulation or statute confirming this stance. In fact, multiple judges have criticized the SEC for its failure to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/softballs-and-adoration-read-the-questions-reporters-have-asked-bidens-press-secretary\/\" title=\"Softballs And Adoration: Read The \u2018Questions\u2019 Reporters Have Asked Biden\u2019s Press Secretary\">provide clear guidance<\/a>. A notable example occurred in an SEC action against Binance, where U.S. District Court Judge Amy Berman Jackson questioned the SEC&rsquo;s piecemeal approach, asking, &ldquo;Where&rsquo;s the SEC been? &hellip; Why are we doing this on a coin-by-coin, case-by-case, judge-by-judge litigation &hellip; as opposed to issuing a reg that tells everybody &lsquo;this is it?&rsquo;&rdquo;<\/p>\n<p>The crypto industry&rsquo;s disdain for Gensler was palpable at the 2024 Bitcoin Conference. In his speech, Trump pledged to fire Gensler on &ldquo;day one.&rdquo; The crowd burst into applause. The applause was so loud that Trump repeated the refrain, resulting in even bigger applause and chants of &ldquo;Trump! Trump! Trump!&rdquo;<\/p>\n<h2>National Stockpile, Regulatory Board<\/h2>\n<p>Along with replacing Gensler, Trump laid out his plan to establish a Strategic National Bitcoin Stockpile, which would entail the federal government creating a substantial reserve of Bitcoin through acquisition and the accumulation and retention of Bitcoin through legal seizures. By acquiring and holding Bitcoin in reserves, the U.S. could be protected against potential cryptocurrency volatility, while establishing the U.S. as a leading force in the international Bitcoin market.<\/p>\n<p>Trump also plans to tap crypto-friendly advisers to serve on a crypto regulatory board. The board will be tasked with drafting and implementing transparent regulations tailored to the crypto industry. By selecting members who are knowledgeable and supportive of digital assets, Trump&rsquo;s regulatory board would stand in stark contrast to the current SEC&rsquo;s aggressive regulation-through-enforcement regime.<\/p>\n<h2>Vance&rsquo;s Stance<\/h2>\n<p>Trump&rsquo;s pro-crypto platform is already manifesting into action. In May 2024, Trump became the <a href=\"https:\/\/www.coindesk.com\/business\/2024\/05\/21\/trump-becomes-first-major-party-candidate-to-accept-crypto-donations\/\" target=\"_blank\" rel=\"noreferrer noopener\">first major presidential party candidate<\/a> to begin accepting donations in cryptocurrency. Additionally, Trump&rsquo;s selection of Sen. J.D. Vance, R-Ohio, a cryptocurrency proponent, as his running mate also reinforced the ticket&rsquo;s commitment to supporting the crypto industry. Vance&rsquo;s 2022 <a href=\"https:\/\/qz.com\/jd-vance-bitcoin-holdings-cryptocurrency-trump-vp-1851594380\" target=\"_blank\" rel=\"noreferrer noopener\">financial disclosures included Bitcoin holdings<\/a> between $100,001 and $250,000.<\/p>\n<p>If Trump&rsquo;s plans take effect, they could provide much-needed stability and growth to the crypto industry, which has been stunted by regulatory uncertainty and aggressive enforcement under the Biden-Harris regime. And the crypto industry may not need to wait long for these changes to materialize. As Trump stated at the Bitcoin conference on Saturday, &ldquo;The moment I&rsquo;m sworn in, the persecution stops and the weaponization ends against your industry, and as long as I&rsquo;m in the Oval Office.&rdquo;<\/p>\n<hr>\n<p>      Oliver Roberts is an associate at the law firm Holtzman Vogel, where Jonathan Fahey is partner.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The future of the cryptocurrency sector in the United States is heavily influenced by the results of the upcoming presidential election in November. During the 2024 Bitcoin Conference held in Nashville, Tennessee, former President Donald Trump presented his bold plan to transform America into the &#8220;crypto capital of the planet and a global Bitcoin superpower.&#8221; His participation at this event and his pro-crypto agenda mark significant milestones for major presidential candidates. Trump&#8217;s strategy includes creating a Strategic National Bitcoin Stockpile, appointing a regulatory board that supports cryptocurrency, dismissing Securities and Exchange Commission (SEC) Chairman Gary Gensler, and reversing what he describes as the Biden-Harris administration&#8217;s &#8220;anti-crypto crusade.&#8221; <\/p>\n<p>In contrast to the current administration&#8217;s stance on cryptocurrencies, which has been characterized by hostility led by SEC Chairman Gensler\u2014an appointee from Biden\u2019s team\u2014Trump&#8217;s platform aims to revitalize and foster growth within the crypto industry. Under Gensler\u2019s leadership in 2023, there was an unprecedented number of enforcement actions against crypto entities along with $281 million in penalties from settlements alone that year; overall penalties reached an astonishing $2.89 billion through 2023.<\/p>\n<p>Gensler has aggressively pursued stakeholders within the cryptocurrency space while providing little clarity on regulatory guidelines. The SEC\u2019s enforcement efforts primarily revolve around determining whether cryptocurrencies qualify as \u201csecurities\u201d under U.S. law based on established criteria known as the Howey test.<\/p>\n<p>Despite Gensler&#8217;s assertion that cryptocurrencies should be treated as securities, there is no definitive regulation or statute from the SEC supporting this view. Several judges have criticized this lack of clear guidance; for instance, during an SEC case against Binance, U.S. District Court Judge Amy Berman Jackson questioned why regulations were not being issued comprehensively rather than through fragmented litigation.<\/p>\n<p>The discontent towards Gensler was evident at Trump&#8217;s speech during the conference where he promised to terminate Gensler\u2019s position immediately upon taking office\u2014a pledge that elicited enthusiastic applause from attendees who chanted his name.<\/p>\n<p>In addition to replacing Gensler, Trump proposed establishing a Strategic National Bitcoin Stockpile where federal reserves would acquire substantial amounts of Bitcoin through purchases or legal seizures. This initiative aims to shield against potential market volatility while positioning America as a leader in global Bitcoin trade.<\/p>\n<p>Trump also intends to appoint advisors who are supportive of digital assets onto a new regulatory board responsible for crafting transparent regulations tailored specifically for cryptocurrency businesses\u2014contrasting sharply with current aggressive enforcement practices under Gensler\u2019s SEC.<\/p>\n<p>Trump&#8217;s commitment to supporting crypto is already taking shape; he became one of the first major party candidates to accept campaign donations via cryptocurrency earlier this year and selected Sen. J.D. Vance\u2014a known advocate for digital currencies\u2014as his running mate further solidifying their dedication toward advancing this industry.<\/p>\n<p>If implemented successfully, Trump&#8217;s proposals could bring much-needed stability and growth opportunities back into an industry hampered by uncertainty due to stringent regulations under Biden-Harris governance\u2014and these changes may come swiftly if Trump follows through on his promises once elected president<\/p>\n","protected":false},"author":3341,"featured_media":2319202,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/07\/10307542203_6a213af761_k-e1722360907892.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[6987,10423,3634],"class_list":["post-2319201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-crypto","tag-presidency","tag-trump"],"fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/07\/10307542203_6a213af761_k-e1722360907892.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2319201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3341"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2319201"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2319201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2319202"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2319201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2319201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2319201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}