Presidential candidate and former U.S. President Donald J. Trump has made a series of promises regarding cryptocurrency, signaling a significant shift in his stance on the topic. During his address at the Libertarian National Convention in Washington, D.C., on Saturday, Trump declared his support for the crypto sector and vowed to take decisive actions if elected.
“I will also stop Joe Biden’s crusade to crush crypto,” Trump promised. “I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas.” He further pledged, “I will support the right to self-custody.”
Addressing the nation’s 50 million crypto holders, Trump stressed, “With your vote, I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency [CBDC].”
In a remarkable move, Trump also stated his intention to commute the sentence of Ross Ulbricht, the convicted founder of the Silk Road darknet market. “If you vote for me, on day one, I will commute the sentence of Ross Ulbricht to a sentence of time served. He’s already served 11 years. We’re going to get him home.”
Trump’s promises extended beyond the crypto realm, as he vowed to “smash the censorship and industrial complex and restore free speech.” He pledged to sign an executive order banning federal agencies from colluding to censor the lawful speech of American citizens and remove “rogue bureaucrats who conspire to take away your First Amendment freedoms.”
Following his speech, Trump took to his social media platform Truth Social, reiterating his positive and open-minded stance towards cryptocurrency companies and the burgeoning industry. He emphasized the need for the U.S. to be the leader in the field, asserting, “There is no second place.”
Trump’s latest statements mark a stark contrast from his 2019 tweet describing bitcoin and cryptocurrencies as “not money” and “based on thin air.” Since leaving office, he has launched three non-fungible token (NFT) collections and become the first major party nominee to accept campaign donations in cryptocurrency.
Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), has even dubbed Trump as the first crypto president due to the approval of bitcoin futures exchange-traded funds (ETFs) during his administration.
In recent months, Trump has consistently criticized Joe Biden’s understanding of crypto and urged supporters of cryptocurrency to vote for him. He has acknowledged the growing popularity of bitcoin, referring to it as “an additional form of currency” and stating that it has “taken on a life of its own.”