Trump courts crypto industry votes and campaign donations
In one of the biggest cryptocurrency events of the year, Donald Trump said that if he is elected president, he will fire the chairman of the US Securities and Exchange Commission (SEC) on the first day. Trump was the keynote speaker Saturday at Bitcoin 2024, a meeting of major companies in Nashville, Tennessee. The Republican presidential candidate used the event to court voters and solicit media donations from the tech sector. cryptocurrency has become a political center for Republicans, with Trump saying that Democrats and Vice President Kamala Harris are "against crypto." The crowd cheered when Trump announced that "the first day I'm going to fire Gary Gensler," the SEC chairman who is now President Joe Biden's nominee. The crowd cheered and started chanting "Trump". Mr Gensler has led a campaign to regulate the crypto industry and says the sector is controlled by "hucksters". The SEC indicted "crypto king" Sam Bankman-Fried, who was sentenced to 25 years for stealing billions of dollars from the market of FTX cryptocurrency exchange. In his speech of about 45 minutes, Trump listed some of his thoughts in the department if he wins the November election. He said he would make the United States the cryptocurrency capital of the world. In 2021, he did a 180 in his support for the company when he told Fox Business that he sees Bitcoin as a "rumor" affecting the value of the US dollar. Trump told the crowd that he would keep 100% of the Bitcoin currently owned or purchased by the US government, adding that it would be a national Bitcoin repository. The former president also said that he will appoint "soon the Bitcoin and Crypto Presidential Advisory Council."
Why tech bros are turning to Trump?
It talks about the power required to use cryptocurrency. "You need a lot of electricity," he said, adding that he would build a power plant "for that" and use "electric power." Some tech leaders have increasingly supported Trump's presidential campaign in recent months. The founder of Tesla, Elon Musk, the richest man in the world, supported Trump. And the crypto tycoons in Saturday's speech, the Winklevoss twins, pushed back. brought the Trump campaign to accept cryptocurrency donations, saying it received $25m (£20m) in donations in the two months it allowed crypto transactions. However, he did not say how much money was withdrawn from the cryptocurrency. Trump used his speech to dismiss cryptocurrency legislation as a side issue, saying the Biden administration is "anti-crypto." Several Republican lawmakers attended Trump's speech, including Sen. Tim Scott and Tommy Tuberville. Former Republican candidate and Trump ally Vivek Ramaswamy was also there. Independent candidate Robert F Kennedy Jr and Democratic Senators Wiley Nickel and Ro Khanna also spoke. Ahead of Bitcoin 2024, Democratic Congresswoman Nickel said Kamala Harris "takes the expected approach to digital assets and blockchain technology."
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