Donald Trump pledged to remove SEC Chair Gary Gensler, vowing to foster crypto innovation if reelected.
Trump's Promise to End SEC's Aggressive Crypto Regulation
If he were to defeat Democratic Party vice presidential nominee Kamala Harris in November's US presidential election, Republican Party presidential candidate and former president Donald Trump has pledged to implement swift policy reforms.
After claiming the Secret Service needed extra time at the location, Trump spoke to Bitcoiners at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. The crowd had waited more than an hour to hear him speak.
Cointelegraph elaborates that among the crypto policies outlined by the Republican nominee for president if elected in November was the appointment of a "Bitcoin and crypto presidential advisory council" and the immediate removal of US Securities and Exchange Commission (SEC) Chair Gary Gensler.
"The moment I’m sworn in, the persecution stops, and the weaponization ends against your industry," Trump declared. "I will appoint a new SEC chairman who believes that America should build the future, not block the future."
Crypto Industry Executives Welcome Trump's SEC Reform Pledge
It appeared that many attendees at the crypto event had a good reaction to Trump's decision. Ripple, Coinbase, and Binance are just a few of the cryptocurrency companies that have been the targets of the SEC's continuing enforcement activities, which industry executives have pointed the finger at Gensler.
Even though Gensler's tenure as chair of the SEC would conclude in June 2026, he may step down if Trump or Harris become president. At the Bitcoin conference, Trump backer and co-founder of Gemini, Tyler Winklevoss, urged the administration of President Joe Biden to choose a new head of the SEC before the election.
Trump's Stance Against CBDCs Aligns with Crypto Advocates' Interests
Within one hundred days of becoming office, Trump promised that the crypto presidential advisory group would create a thorough regulatory framework. Furthermore, he threatened to order the US Department of the Treasury to put an end to the creation of a CBDC (central bank digital currency) in the United States.
“There will never be a CBDC while I’m president of the United States, and I will always defend the right of self-custody,” Trump declared.