Eight commitments that Donald Trump has made to the cryptocurrency community

On the second day of the presidential elections in the United States, Donald Trump surged ahead. Many within the crypto community believe that the politician's victory is already secured.

In light of Trump's potential win, BeInCrypto's editorial team recalled the promises he made to crypto investors.

1. Ease regulatory pressure

Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), has been a source of many challenges for crypto participants. According to Blockchain Association, Gensler's actions have cost crypto companies around $426 million. Much of the conflict arises from the lack of clear definitions regarding the status of digital assets.

The initiatives from the commissioner have led to an exodus of crypto businesses from the United States. Amid ongoing SEC pressure, calls for Gensler's dismissal have been frequent within the crypto community.

Donald Trump has voiced his opposition to the SEC chief, proposing Gensler's firing to relieve the crypto community of what he sees as unwarranted pressure. Trump suggests that former commissioner Dan Gallagher, who is supportive of cryptocurrency, could take Gensler’s place.

Additionally, Trump might reduce the tax burden on U.S. crypto participants.

2. Establish a Bitcoin reserve in the U.S.

As of the time of this overview, U.S. authorities control 207,189 Bitcoins worth $15.4 billion, representing 0.987% of the total cryptocurrency supply. Occasionally, reports emerge indicating that American regulators are preparing to sell their BTC holdings, often accompanied by movement of the cryptocurrency.

Liquidating the U.S. Bitcoin holdings could trigger a market crash, much like what occurred in the summer of 2024 when German regulators decided to offload their BTC reserves.

In response, Trump advocates for halting the sale of Bitcoins. He envisions creating a BTC reserve from the holdings controlled by U.S. authorities while also seeing Bitcoin as a solution to the increasing national debt.

3. Allow payments in Bitcoin

Trump is willing to permit payments for goods and services in the U.S. to be made in Bitcoins. He acknowledges the practicality and growing adoption of crypto payments.

In September 2024, during his presidential campaign, Trump made his first Bitcoin transaction, buying burgers at a bar in New York using cryptocurrency.

Read also: Donald Trump's cryptocurrency portfolio exceeds $10 million

4. Transform the U.S. into a crypto hub

Trump promises that under his leadership, America will become the largest center for the crypto community. He believes that supporting the growth of the crypto industry and reducing regulatory pressure will facilitate this objective.

5. Improve access to banking tools via cryptocurrency

As part of his initiatives, he backed his sons' crypto project, World Liberty Financial (WLFI). Through this project, Trump aims to enhance the accessibility of banking services by offering American citizens DeFi alternatives. Surprisingly, the crypto community has not backed the politician's crypto project.

Read also: U.S. presidential candidate Donald Trump could launch a stablecoin

6. Support miners

The politician does not intend to pressure members of the crypto community engaged in mining. He acknowledges Bitcoin's significant role in stabilizing the energy system and pledges to back the miners.

It is worth noting that current U.S. President Joe Biden previously proposed a 30% tax on miners.

7. Effect personnel changes

Gensler isn’t the only one who may lose his position if Trump wins. The Treasury Department is also under scrutiny. Jamie Dimon, CEO of JPMorgan, could become the new head of the department. According to Trump, the banker who previously criticized cryptocurrency has changed his stance on digital assets.

8. Freeze plans to issue a CBDC

Trump is against the introduction of a Central Bank Digital Currency (CBDC) in the U.S. He believes that such a tool would give the Federal Reserve new powers to monitor the financial transactions of American citizens, infringing on their constitutional rights. In contrast, Trump views Bitcoin as the currency of freedom.

Recall that BeInCrypto's editorial team previously discussed how Donald Trump transitioned from a Bitcoin critic to a close ally of the crypto community.