Former President and 2024 Republican presidential hopeful Donald Trump has a history of unfulfilled promises throughout his political journey. This year, he has ventured into the cryptocurrency space, aiming to attract crypto enthusiasts to his campaign. On July 7, the Republican Party presented a draft of its political agenda, which notably included cryptocurrency within its innovation section, alongside initiatives for artificial intelligence and space exploration. The document outlined the primary goal for a Trump administration regarding cryptocurrency.
This political platform was formalized after Trump spoke at the 2024 Bitcoin Conference in Nashville, where he declared, “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” asserting decisively that “it will end. It will be done.”
However, the question remains: Will Trump genuinely follow through on these ambitious commitments?
**Bitcoin “Made in the USA”**
On June 12, Trump expressed on Truth Social his desire for “all the remaining Bitcoin to be made in the USA,” arguing that this would enable the U.S. to achieve “energy dominance.” Currently, 90% of Bitcoin, which has a cap of 21 million, has already been mined.
Trump’s vision to enhance the U.S. mining sector and keep Bitcoin production within national borders may encounter substantial logistical and regulatory hurdles, given the decentralized nature of Bitcoin mining.
Ben Gagnon, CEO of crypto mining company Bitfarms, told Cointelegraph that it is “absolutely possible and desirable to make America the number one country for Bitcoin mining.” He elaborated that if Trump reduces bureaucratic barriers and boosts support and investment in energy and electrical infrastructure, “America will solidify its position as the most competitive place to mine Bitcoin in the world.”
However, Gagnon acknowledged that no single nation can mine all Bitcoin due to its decentralized framework. Thus, Trump’s commitment to mine the remaining Bitcoin contradicts the foundational values set forth by its creator, Satoshi Nakamoto. Centralizing mining operations would undermine Bitcoin’s core principle of decentralization.
**Crypto as a Solution to the $35 Trillion National Debt**
The national debt represents the total outstanding borrowing by the U.S. federal government throughout its history. According to Fiscal Data, over the past century, federal debt has surged from $394 billion in 1924 to over $35 trillion in 2024.
This escalating debt presents a significant risk, potentially leading to severe long-term economic issues. During an event linked to his non-fungible token collection, Trump asserted, “Crypto has got a great future. I think it really does. Maybe we will pay off the $35 trillion in crypto.”
Ric Edelman, founder of the Digital Assets Council of Financial Professionals, expressed to Cointelegraph that he believes crypto could help address the persistent national debt problem. However, he also conveyed skepticism about Trump’s ability to establish such a reserve fund, suggesting that any created fund could easily be dismantled by a future successor. Edelman characterized Trump’s assertion as merely a “fun sound bite on the campaign trail.”
**Establishing a Strategic Bitcoin Reserve**
In addition to positioning the U.S. as a frontrunner in Bitcoin mining, Trump aims to create a strategic reserve of Bitcoin. His proposal involves the U.S. holding 100% of the Bitcoin it currently possesses, much of which originates from law enforcement seizures in criminal cases, presenting potential legal challenges.
Nearly half of the government’s Bitcoin holdings come from a significant seizure related to the Bitfinex hack, and legal pressures exist to return these assets to the victims involved.
Fortunately for Trump’s initiative, Senator Cynthia Lummis has introduced a bill to establish a Bitcoin strategic reserve. If passed, this bill would create a Bitcoin fund intended to hedge against the national debt, with a goal of acquiring 1 million BTC over five years for a minimum of 20 years.
With congressional support, Trump’s vision for a Bitcoin reserve may stand a chance of becoming reality, though it will require many lawmakers to recognize Bitcoin’s potential.
**The Call to Dismiss Gary Gensler “on Day One”**
The cryptocurrency industry has criticized the U.S. Securities and Exchange Commission (SEC) for its approach to “regulating by enforcement.” Under Chair Gary Gensler, the SEC has initiated several cases against prominent crypto firms accused of selling unregistered securities.
The crypto sector has been pressing for clearer regulatory guidelines, arguing that the current SEC directives remain vague. Industry experts assert that this lack of clarity creates uncertainty, hindering market participation and growth within the U.S. crypto landscape.
One of Trump’s most straightforward promises is to fire Gensler “on day one.” He contends that new leadership would foster a more favorable regulatory environment for the crypto industry. However, executing this plan may not be as simple as Trump believes.
While Trump would not need Senate approval to dismiss Gensler, abruptly removing such a significant regulator could set a concerning precedent and provoke political backlash. The president must justify the dismissal “for cause,” which means Trump would need to provide evidence of negligence, inefficiency, or some other form of wrongdoing. Furthermore, the entire process of establishing cause, undergoing legal reviews, and managing administrative transitions could extend beyond a year.
Thus, Trump may have to coexist with Gensler for some time before a new appointment can be made.
**Halting the Development of a U.S. CBDC**
Trump has committed to halting any initiatives regarding a central bank digital currency (CBDC) by the U.S. Treasury, signaling his opposition to increased government control over digital assets. During the Bitcoin Conference in Nashville, Trump stated, “There will never be a CBDC while I’m president of the United States,” describing the concept as a significant threat to financial privacy.
Trump’s stance is echoed by many Republican politicians, including Florida Governor Ron DeSantis, who has signed legislation to limit the use of CBDCs in his state. Congressman Tom Emmer has also introduced the CBDC Anti-Surveillance State Act, which would prohibit the Federal Reserve from issuing a CBDC without congressional approval; this bill is currently in committee.
**Freeing Silk Road Operator Ross Ulbricht**
At the Libertarian National Convention, Trump asserted that he would commute the sentence of Ross Ulbricht, the founder of the Silk Road darknet market, which facilitated the illegal exchange of drugs, weapons, and other illicit goods, “on day one.”
Ulbricht’s sentence is contentious due to its severity—life imprisonment plus 40 years without parole for nonviolent offenses. Critics argue that his punishment is disproportionately harsh compared to those for similar crimes, raising concerns about judicial overreach and the treatment of first-time, nonviolent offenders.
“We’re going to get him home,” Trump vowed, emphasizing that Ulbricht has already served 11 years. The president has the authority to commute sentences or grant relief for federal convictions, allowing for a potential early release.
While a commutation wouldn’t erase Ulbricht’s conviction, it would facilitate his release from prison.
**Establishing a Crypto Advisory Council for Effective Policies**
Recognizing the complexities of cryptocurrency regulation, Trump has proposed the creation of a presidential advisory committee to develop a robust regulatory framework for the crypto industry if re-elected.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” Trump proclaimed. He indicated that the council’s mission would be to create transparent regulatory guidance that benefits the entire sector, with a goal of accomplishing this within 100 days.
Crypto market analyst and trader Crypto Rand previously suggested to Cointelegraph that this commitment may be one of the most impactful, as he believes Congress and the SEC have repeatedly shown a lack of understanding regarding the nuances of the crypto industry.
**The Right to Crypto Self-Custody**
Furthermore, Trump has promised to enshrine the right to self-custody for crypto users, effectively embedding the principle of “not your keys, not your coins” into U.S. law.
His commitment is supported by legislation put forth by Republican Senator Ted Budd, who introduced the Keep Your Coins Act on November 7, 2023. This act aims to prohibit restrictions on Americans’ ability to transact through self-hosted crypto wallets.
Budd’s proposal stands in contrast to a bill introduced by Democratic Senator Elizabeth Warren in 2022, known as the Digital Asset Anti-Money Laundering Act, which would mandate that crypto market participants identify and track users with self-custodial wallets, including service providers, miners, and validators.