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Former President Donald Trump is making big promises to the cryptocurrency community, aiming to win over crypto supporters with a bold pro-crypto agenda.
Trump has made headlines for his promises to protect Bitcoin mining rights, block the development of central bank digital currencies (CBDCs), and enhance the United States' position in the global crypto industry.
But as with many political promises, questions remain about whether he can deliver on them.
Republican Party Releases Draft Political Platform
In July, the Republican Party released a draft political platform that highlighted cryptocurrency in its innovation agenda, in addition to artificial intelligence and space exploration.
The platform promises to “end the Democrats’ illegal and un-American crackdown on cryptocurrency” and that an administration under Trump will support the rights of Americans to mine, hold, and trade digital assets without government interference.
At the 2024 Nashville Bitcoin Conference, Trump further inspired crypto enthusiasts by promising that any “anti-crypto crusade” from the current administration would end during his tenure.
But there are multiple obstacles to achieving this vision.
First, Trump has ambitious ideas for a domestic Bitcoin mining industry.
On his social media platform Truth Social, he suggested that all remaining Bitcoins should be mined within the United States.
While this proposal is attractive to some, it contradicts the decentralized nature of Bitcoin.
Industry figures such as Bitfarms CEO Ben Gagnon believe that while the United States can lead in mining, centralizing all production domestically contradicts the decentralization of Bitcoin's founding principles.
Another controversial promise involves Trump's idea of creating a national Bitcoin reserve.
Trump has hinted at building a strategic Bitcoin inventory to cope with a national debt of more than $35 trillion.
While this proposal is eye-catching, it faces many challenges.
Most of the Bitcoin assets currently held by the US government involve legal obstacles, which are derived from assets confiscated in criminal cases, and it is expected that a portion of them will be returned to their rightful owners.
Senator Cynthia Lummis seeks to establish a Bitcoin reserve
In addition, Senator Cynthia Lummis has proposed a proposal to establish a Bitcoin reserve, but the realization of this fund requires significant political support.
Regulation remains one of the biggest issues facing the crypto industry, and Trump has taken a firm stance on it. He promised to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler “on day one” to introduce friendlier crypto regulations.
However, firing a high-ranking official like Gensler would likely be a lengthy legal process that would require justification and could spark a political backlash.
In another anti-regulatory stance, Trump vowed to block any move toward a central bank digital currency (CBDC), saying centralized digital currencies would erode financial privacy.
Additionally, Trump promised to commute the sentence of Ross Ulbricht, the founder of the notorious dark web marketplace Silk Road, which facilitated the trading of illegal goods using Bitcoin.
Trump told the Libertarian National Convention that if elected, he would “release Ulbricht” on “day one.”
Another core promise was Trump’s support for “self-custody,” which he vowed to legislate.
While these promises resonate with some, Trump’s history of reversing after bold statements has made some crypto enthusiasts wary of them.