Trump’s Crypto Platform at Nashville Conference

Donald Trump further outlined his crypto platform on stage at Nashville’s Bitcoin 2024 conference in an address on Saturday after taking the stage an hour later than scheduled.

During Trump’s speech, which mainly covered a wide range of general campaign-related policies, the former President also made specific promises regarding bitcoin and the wider crypto industry.

In a remark that led to a strong outburst of cheers from the audience—surprising Trump—the candidate announced plans to replace SEC Chair Gary Gensler if elected. Gensler is seen as a common enemy of the crypto industry, known for his punitive policies towards crypto companies as he views most digital assets as illegally-issued securities.

Trump also stated he would stop the U.S. from selling any of the 213,000 bitcoin (worth nearly $14.5 billion) that the government holds from prior enforcement actions, according to data from Arkham.

“It will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires in the future. This will serve as the core of the strategic national bitcoin stockpile… It’s been taken away from you,” Trump announced.

He reiterated previous promises to commute Silk Road founder Ross Ulbricht’s sentence and halt the U.S. government’s further development of a Central Bank Digital Currency (CBDC). Trump also showed support for developing stablecoins in the U.S. and the bitcoin mining industry.

“I will be the pro-innovation and pro-bitcoin candidate that America needs and that our citizens deserve,” Trump proclaimed to close his speech.

Bitcoin’s price fell during the speech to reach $66,600, nearly $3,000 less than its daily high of about $69,400. The price recovered shortly after the speech ended to approximately $68,500, according to The Block’s Bitcoin Price Page.