Trump Pledges To Fire SEC Chair At Largest Bitcoin Conference

Donald Trump, the Republican presidential candidate, made a bold promise during his keynote speech at  Annual Bitcoin  Conference 2024 on Saturday, stating that he would fire the chairperson of the U.S. Securities and Exchange Commission (SEC) on his first day in office if re-elected. The event, held in Nashville, Tennessee, is one of the largest gatherings of cryptocurrency industry leaders and enthusiasts.

Rallying the Crypto Community

Trump used the platform to appeal to voters from the tech and cryptocurrency communities, urging them to support his campaign financially. He framed the cryptocurrency debate as a partisan issue, accusing the Democratic Party and Vice-President Kamala Harris of being “against crypto.” This stance aligns with a broader Republican effort to position themselves as champions of the digital currency sector.

The audience was particularly animated when Trump declared his intention to dismiss Gary Gensler, the current SEC chair, on his first day in office. Gensler, appointed by President Joe Biden, has been known for his rigorous approach to regulating the cryptocurrency industry. His tenure has seen significant actions, including charges against Sam Bankman-Fried, the former CEO of FTX, who was sentenced to 25 years for defrauding customers.

In his 45-minute speech, Trump outlined his vision for the cryptocurrency sector under his potential administration. He pledged to make the U.S. the global leader in cryptocurrency and blockchain technology, a significant shift from his 2021 stance when he labeled Bitcoin a “scam.” Trump proposed creating a “national Bitcoin stockpile” and establishing a Bitcoin and crypto presidential advisory council.

Addressing the substantial energy requirements for cryptocurrency mining, Trump promised to build new power plants to support the industry’s growth, emphasizing the use of fossil fuels. He stressed the importance of the U.S. leading in technology, science, manufacturing, artificial intelligence, and space to prevent dominance by countries like China.

Trump’s campaign has garnered increasing support from influential figures in the tech industry, including Tesla founder Elon Musk and the Winklevoss twins, prominent crypto investors who attended the event. Trump highlighted the significant financial backing from cryptocurrency donations, claiming $25 million in crypto contributions in the past two months.

The event also saw attendance from various lawmakers across the political spectrum, including Republican Senators Tim Scott and Tommy Tuberville, former presidential candidate Vivek Ramaswamy, and Democratic lawmakers Robert F. Kennedy Jr., Wiley Nickel, and Ro Khanna.

To conclude, Trump’s speech at Bitcoin 2024 highlighted his commitment to transforming the U.S. into a global cryptocurrency powerhouse. His promise to fire SEC Chair Gary Gensler and his proposals for supporting the industry reflect his strategic shift towards embracing digital assets, aiming to secure votes and donations from the burgeoning crypto community