Former President Donald Trump has ignited discussions within the cryptocurrency community with his recent address at the Bitcoin 2024 conference in Nashville. During his hour-long speech before a crowd of approximately 10,000, Trump outlined a bold vision for Bitcoin in the United States, promising to create a “strategic national bitcoin stockpile.”
Among Trump’s commitments were high-profile promises, including firing Securities and Exchange Commission (SEC) Chair Gary Gensler on his first day in office—a move that legal experts argue may not be straightforward—and commuting the sentence of Ross Ulbricht, the Silk Road founder imprisoned since 2015. However, Trump’s most significant pledge was to “keep 100% of all bitcoin the US government currently holds or acquires.”
Trump’s comments alluded to the Bitcoin currently seized by U.S. law enforcement agencies, which includes assets auctioned off by the Department of Justice (DOJ) and the U.S. Marshals Service. He did not mention purchasing additional Bitcoin but suggested creating a national stockpile. “As you know, most of the bitcoin currently held by the United States government was obtained through law enforcement action,” Trump said. “You know that they took it from you. Let’s take that guy’s life. Let’s take his family. His house. His bitcoin.”
In the wake of Trump’s speech, Republican Senator Cynthia Lummis, a long-time cryptocurrency advocate, made headlines with her own announcement. She presented what she called the “Bitcoin Reserve Bill” at the conference, a legislative proposal aiming to bolster the U.S. government’s Bitcoin holdings. The bill, still awaiting a vote on the Senate floor, proposes that the government acquire 1 million BTC, approximately 5% of the global supply. According to Lummis, this reserve would be used solely to reduce national debt. “We will be debt-free because of bitcoin,” Lummis declared.
Despite the bill’s ambitious goals, significant progress seems unlikely before the end of the current Congressional session and the upcoming elections. Lummis has indicated that additional cosponsors are in the pipeline, though names have not been disclosed. Her announcement followed a discussion with fellow Republican Senator Tim Scott of South Carolina about crypto-focused legislation and the need for a Republican majority in Congress to push forward such initiatives.
Also Read: Goldman Sachs CEO Compares Bitcoin To Gold, Sees Potential As $19 Trillion Store Of Value
Lummis’s optimism contrasts with the perspectives of a group of 28 Democratic legislators and candidates who recently advocated for a more favorable stance on cryptocurrency from their party. They argue that the current SEC’s approach does not align with the progressive values of the Democratic Party. “There is a public perception that the party holds a negative viewpoint on digital assets,” the group wrote in a letter to Democratic National Committee Chair Jaime Harrison. “A refreshed leader of the ticket represents an opportunity to change that perception.”
As the debate over the future of cryptocurrency policy in the U.S. intensifies, the outcome of the upcoming elections could play a crucial role in shaping the direction of federal Bitcoin legislation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
