Trump Vows to Fire SEC Chair, Create National Bitcoin Stockpile

Donald Trump on Saturday gave his full-throated support to the cryptocurrency industry, saying he would fire Gary Gensler, chair of the Securities and Exchange Commission, and create a “strategic national bitcoin stockpile” in a second presidential term.

In a speech in Nashville at the Bitcoin 2024 conference, he pledged to turn the bitcoin currently held by the U.S. government into what he described as a national reserve, meaning that it wouldn’t be sold. The U.S. has seized an estimated 210,000 bitcoins since 2020, worth $15 billion today, making it one of the world’s biggest holders.

“If bitcoin is going to the moon, as we say, it’s going to the moon, I want America to be the nation that leads the way,” he said. During his first presidential term, however, Trump and his officials expressed skepticism about crypto and its potential to hurt the U.S. dollar, and the SEC took numerous legal actions against crypto-related firms.

Trump took aim at the SEC’s crypto crackdown under President Joe Biden and said he would create an advisory council to design regulatory guidance, implying he could diminish the SEC’s role. He also vowed to create a regulatory framework for “safe and responsible” expansion of privately-issued stablecoins, which are typically backed by cash and U.S. treasuries.

Another presidential candidate, independent Robert F. Kennedy Jr., pledged even stronger support for crypto at the event. On Friday, he told attendees he would direct the Treasury to buy bitcoin everyday until it holds at least 4 million, worth about $275 billion currently, which would represent nearly 20% of the total supply.

Meanwhile, advisers of Vice President Kamala Harris, the presumptive Democratic presidential candidate, have approached some top crypto companies to “reset” relationships, the Financial Times reported Saturday. Harris doesn’t appear to have taken a public stance on crypto regulation.