US must lead crypto sector to counter China – Trump

Republican presidential candidate Donald Trump vowed at the bitcoin 2024 convention in Nashville that the United States must lead the cryptocurrency sector to prevent China from gaining dominance.

Despite previously calling cryptocurrency a “scam,” Trump is now positioning himself as the pro-crypto candidate ahead of the November 5 election, promising more favourable regulations than those proposed by Democratic nominee Vice President Kamala Harris.

Trump emphasised, “If we don’t embrace crypto and bitcoin technology, China and other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”

To demonstrate his commitment, he proposed creating a presidential advisory council for cryptocurrency and establishing a national bitcoin “stockpile.” Trump pledged to retain all bitcoin currently held by the US government, saying, “Never sell your bitcoin.”

Following his speech, bitcoin prices rebounded, rising 0.94 per cent to $68,182. Trump also promised to commute the sentence of Ross Ulbricht, the founder of the Silk Road website, which drew applause from the audience.

Crypto executives have expressed frustration with the Securities and Exchange Commission’s enforcement’s (SEC) enforcement actions under President Biden. The SEC has accused firms like Coinbase and Binance of trading digital assets that should have been registered as securities.

Meanwhile, nearly 30 Democratic lawmakers urged the Democratic National Committee and Harris to adopt a “forward-looking” approach to digital assets, emphasising the significant electoral impact of crypto and blockchain technologies.

As the election approaches, Trump’s crypto-friendly stance could attract support from the growing number of crypto users, potentially shaping future US digital asset regulations.