Bitcoin 2024: US Senator Fights To Bring Crypto Back Into The Communities
On Friday, US Sen. Tim Scott, the top Republican from South Carolina who is a member of the Senate Banking Committee, was among keynote speakers at the Bitcoin 2024 conference. Scott, who might chair the committee if Republicans regain control of the Senate, gave a strong message: the government should support the crypto industry.
“We have to get rid of the guys who are in the way,” Scott said, referring especially to Securities and Exchange Commission (SEC) Chair Gary Gensler as a main impediment to crypto innovation.
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Trump says Bitcoin is going to the moon, will hold it as a strategic reserve asset
Former President Donald Trump expressed strong support for Bitcoin, stating that if reelected, he would incorporate Bitcoin as a strategic reserve asset for the United States.
During his keynote speech at the Bitcoin Conference in Nashville, Trump emphasized that the real threat to the US Dollar’s dominance is not Bitcoin but rather policy decisions from Washington DC.
In a series of declarations, Trump also announced his intention to direct the Treasury Department to cease efforts in developing a central bank digital currency (CBDC).
He labeled Bitcoin as “not just a marvel of technology but a miracle of cooperation and human achievement,” and promised to end what he calls the ‘persecution’ of the cryptocurrency sector under his potential future presidency.
Moreover, Trump declared he would dismiss the current Securities and Exchange Commission (SEC) Chairman, Gary Gensler, on his first day in office.
His comments suggest a complete reversal of the current administration’s stance on cryptocurrency regulation and oversight.
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Trump’s promises to bitcoin conference: “fire” SEC chair, build “strategic bitcoin stockpile”
At Bitcoin 2024, former president Donald Trump said that if elected he would see that the federal government would not sell any of its bitcoin holdings, effectively creating the core of a “strategic national bitcoin stockpile.”
Why it matters: It was one of several crypto-related promises made to the bitcoin conference crowd Saturday afternoon intended to build on Trump’s growing base of support from this corner of the tech world.
Between the lines: The federal government has almost 210,000 bitcoin, or 1% of the total supply that will ever exist, Trump noted to the crowd.
- Most of that was obtained through law enforcement action, seized from cybercriminals and darknet markets.
- “If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires,” Trump said Saturday. “For too long, our government has violated the cardinal rule that every bitcoiner knows by heart, never sell your bitcoin.”
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Trump vs. Harris: Citi looks at the election impact on oil prices
In a Thursday note to clients, Citi strategists assessed how the upcoming 2024 U.S. presidential election, which will likely be a battle between Donald Trump and Kamala Harris, could impact oil prices.
Under a Trump administration, the impact on the oil market “could be net bearish due to trade tariffs, oil-and-gas-friendly policies/deregulation, and pushing OPEC+ to release oil to the market,” strategists highlighted.
On the flip side, Citi sees the potential for increased sanctions on Iran under Trump as a significant bullish factor, though even this could have a limited impact.
Trump’s history with Iran suggests that reimposing sanctions could remove substantial volumes of Iranian oil from the market, thereby pushing prices up.
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