Former President Donald Trump, a candidate for the 2024 Republican presidential nomination, has a track record of unmet political commitments throughout his career. This year, he has turned his attention to cryptocurrency, aiming to attract crypto enthusiasts to his campaign. On July 7, the Republican Party released a preliminary version of its political platform, which explicitly included cryptocurrency within its innovation agenda, alongside initiatives for artificial intelligence and space exploration. The document outlined the primary cryptocurrency goals of a Trump-led administration.
These policy goals were solidified during Trump’s remarks at the 2024 Bitcoin Conference in Nashville, where he declared, “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” asserting emphatically that “it will end. It will be done.”
But will Trump genuinely follow through on these ambitious commitments?
**Bitcoin “Made in the USA”**
On June 12, Trump expressed on Truth Social his desire for “all the remaining Bitcoin to be made in the USA,” suggesting that this would enhance America’s status as “energy dominant.” Currently, approximately 90% of Bitcoin’s capped supply of 21 million has already been mined.
Trump’s goal of strengthening the U.S. mining sector and ensuring Bitcoin production remains domestic faces considerable logistical and regulatory hurdles due to the decentralized nature of Bitcoin mining. Ben Gagnon, CEO of the crypto mining company Bitfarms, told Cointelegraph that it is “absolutely possible and desirable to make America the number one country for Bitcoin mining.” He added that if Trump were to reduce bureaucratic obstacles and bolster support and investment in energy and electricity infrastructure, “America will solidify its position as the most competitive place to mine Bitcoin in the world.”
However, Gagnon acknowledged that no single nation can dominate Bitcoin mining due to its decentralized framework. Therefore, Trump’s commitment to mine the remaining Bitcoin contradicts the foundational values set forth by its creator, Satoshi Nakamoto, as centralizing mining activities would undermine Bitcoin’s essential principle of decentralization.
**Crypto as a Solution to the $35 Trillion National Debt**
The national debt represents the total amount of money that the U.S. federal government has borrowed over time. According to Fiscal Data, the federal debt has skyrocketed from $394 billion in 1924 to over $35 trillion in 2024.
This escalating debt poses significant risks, potentially leading to severe long-term economic consequences. During an event linked to his non-fungible token (NFT) collection, Trump asserted that “crypto has got a great future. I think it really does. Maybe we will pay off the $35 trillion in crypto.”
Ric Edelman, founder of the Digital Assets Council of Financial Professionals, told Cointelegraph that he believes cryptocurrency might help address the persistent national debt issue. However, he expressed doubt about Trump’s ability to establish such a reserve fund, suggesting that if he did, a successor could easily dismantle it. Edelman characterized Trump’s statement as a “fun sound bite on the campaign trail, but that’s all it is.”
**Establishing a Strategic Bitcoin Reserve**
In addition to his vision of making the U.S. a leader in Bitcoin mining, Trump aims to create a strategic reserve of Bitcoin. His plan involves the U.S. holding 100% of its Bitcoin assets, many of which originate from law enforcement seizures in criminal cases, presenting a potential obstacle.
Nearly half of the government’s Bitcoin holdings stem from a significant seizure related to the Bitfinex hack. Because these assets are tied to affected victims, there is legal pressure to return the funds to Bitfinex or the impacted parties.
Fortunately for Trump’s intentions, Senator Cynthia Lummis has introduced a bill aimed at establishing a Bitcoin strategic reserve. If approved, this legislation would create a fund to hedge against national debt, with a goal of acquiring 1 million BTC over five years and holding it for at least 20 years. With support in Congress, Trump’s objective of creating a Bitcoin reserve could potentially become reality, provided that lawmakers recognize Bitcoin’s value.
**Dismiss Gary Gensler “on Day One”**
Numerous voices within the cryptocurrency sector have criticized the U.S. Securities and Exchange Commission (SEC) for its “regulating by enforcement” approach. Under Chair Gary Gensler, the SEC has initiated several cases against major crypto firms for allegedly offering unregistered securities.
The U.S. crypto industry has been advocating for clearer regulations, arguing that the current SEC guidance is vague. Industry observers contend that this lack of clarity creates uncertainty, obstructing market participation and growth within the U.S. crypto landscape. One of Trump’s most straightforward promises is to fire Gensler “on day one.”
Trump argues that new leadership would foster a more crypto-friendly regulatory environment, thereby supporting the growth of the U.S. crypto sector. However, can he actually dismiss Gensler?
Firing the SEC chair may be more complicated than Trump anticipates. While Senate approval isn’t necessary for the dismissal, removing such a prominent regulator without proper justification could establish a troubling precedent and invite political backlash. The president must dismiss the SEC chair “for cause,” meaning Trump would need to provide a rationale based on neglect, inefficiency, or other forms of misconduct. Furthermore, the entire process of establishing cause, legal assessments, and administrative transitions could take over a year.
Thus, Trump might need to coexist with Gensler for a while before a new appointee comes on board.
**Halting U.S. CBDC Development**
Trump has vowed to cease any efforts by the U.S. Treasury to develop a central bank digital currency (CBDC), signaling his resistance to increased government oversight of digital assets. During the Bitcoin Conference in Nashville, Trump stated, “There will never be a CBDC while I’m president of the United States,” labeling the technology as a direct threat to financial privacy.
He is not alone in this stance; numerous Republican leaders have publicly opposed CBDCs, with Florida Governor Ron DeSantis signing legislation to limit their use in the state. Congressman Tom Emmer has introduced the CBDC Anti-Surveillance State Act, which would prevent the Federal Reserve from issuing a CBDC without congressional approval. This bill is still under committee review.
**Granting Freedom to Ross Ulbricht**
At the Libertarian National Convention, Trump pledged that he would commute the sentence of Ross Ulbricht, the founder of the Silk Road darknet marketplace that facilitated illegal transactions involving drugs, weapons, and other illicit goods, “on day one.”
Ulbricht’s punishment has sparked considerable debate due to its harshness—a double life sentence plus 40 years without the possibility of parole for nonviolent offenses. Critics argue that his sentence is excessively severe compared to those for similar crimes, raising concerns about judicial overreach and the treatment of first-time, nonviolent offenders within the criminal justice system.
“We’re going to get him home,” Trump assured, noting that Ulbricht has already served 11 years in prison. The president possesses the authority to reduce sentences or grant relief from convictions for federal offenses, allowing him to swiftly fulfill this promise. A commutation would not erase Ulbricht’s conviction but would enable his earlier release.
**Establishing a Crypto Advisory Council for Effective Policies**
Cryptocurrency is a vast and intricate subject, particularly for regulators. Trump indicated in Nashville that if he is reelected, he would establish a presidential advisory committee aimed at creating a robust regulatory framework for cryptocurrency.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” Trump stated. He emphasized that the council’s mission would be to “design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days.”
Crypto market analyst and trader Crypto Rand previously shared with Cointelegraph that this promise may be one of the most significant, as he believes Congress and the SEC have repeatedly shown a lack of understanding of the crypto industry and its unique dynamics.
**Self-Custody of Crypto as a Right**
Trump has also promised to enshrine the right to self-custody for cryptocurrency users, effectively incorporating the principle of “not your keys, not your coins” into federal law.
This commitment is reinforced by legislation proposed by Republican Senator Ted Budd, who introduced the Keep Your Coins Act on November 7, 2023. This bill aims to prevent restrictions on Americans’ ability to transact using self-hosted cryptocurrency wallets.
Budd’s proposed legislation conflicts with a measure from Democratic Senator Elizabeth Warren introduced in 2022. Titled the Digital Asset Anti-Money Laundering Act, the bill would mandate crypto-market participants to identify and track users of self-custodial wallets, including service providers, miners, and validators, among others.