UPDATE 2 - Donald Trump says US will be crypto capital of planet, Bitcoin superpower of world

ADDS TRUMP'S COMMENTS

By Ovunc Kutlu

ISTANBUL (AA) - US Republican presidential candidate Donald Trump laid out his plan Saturday to ensure that the US will be the crypto capital of the planet and the Bitcoin superpower of the world.

"If crypto is going to define the future, I want it mined, minted and made in the USA," he told the Bitcoin Conference in Nashville, Tennessee. "It is not going to be made anywhere else."

"Bitcoin is going to the moon and I want America to be the nation that leads the way," he added.

Trump said he is proud to be the first major party nominee in American history to accept donations in Bitcoin and crypto.

"This is (like) the steel industry 100 years ago," Trump said about Bitcoin. "In 15 years, Bitcoin has become the most valuable asset anywhere in the world, it is already bigger than ExxonMobil," he added, referring to the largest energy company in the US.

Trump described his reason for taking the podium at the much-anticipated conference by cryptocurrency enthusiasts in two words -- "America First."

"If we don't do it, China and others will do it. So, let's do it first and let's do it right," said Trump. "We cannot let China dominate. I want the US to be first in technology, science, manufacturing, artificial intelligence (AI) and space."

While Bitcoin mining consumes a lot much energy, according to critics, Trump said the US will be producing more electricity in the future than its own total consumption.

Trump noted that around 175 million people are involved in some form of Bitcoin and cryptocurrencies.

He criticized the US administration of Joe Bide for regulations on cryptocurrencies and the industry.

"In three and a half years, the current administration has waged a war on crypto and Bitcoin like nobody has seen before,” he said. “They target your banks, they choke on your financial services, they block Americans from transferring their money to exchanges, they slander you as criminals.”

He also criticized Vice President Kamala Harris, who has become the presumptive presidential candidate of Democrats after Biden withdrew from the race.

"Kamala is worse than Joe. She is a radical left lunatic," said Trump. "She is against crypto."

Trump also criticized the Securities and Exchange Commission (SEC) because he said the market watchdog is "obliterating Bitcoin."

"The reason could not be more clear because Bitcoin stands for freedom, sovereignty and independence from government coercion," he said. "The Biden-Harris administration's repression of crypto and Bitcoin is wrong, and it is very bad for our country, and it is quite un-American," he added.

Trump argued that if the Republicans do not win the election, "the country will be in bad shape," adding: "We have to fight and we have to win."

"I pledge to the Bitcoin community the day that I take the oath of the office, Joe Biden-Kamala Harris' anti-crypto crusade will be over. It will end. It will be done," he added.

- Removing SEC chair, rejecting CBDC

Trump said if he takes office he would fire SEC Chairman Gary Gensler on his first day in the White House, and appoint a new chairman to the regulatory institution.

His remarks were cheered by thousands of crypto enthusiasts. Gensler has been known for his tough stance and regulations on the Bitcoin and crypto industries.

He said the new SEC chairman would be someone "who believes America builds the future, not block the future."

Trump said if he is reelected, he would immediately shut down Operation Choke Point 2.0, which involves the Biden administration's financial regulations against the crypto industry.

"They want to choke you. They want to choke you out of business. We're not going to let that happen, and no longer will your government sit by and watch as Bitcoin jobs and businesses flee to other countries because America's laws are too unclear and too tough and too angry and too stiff. We will keep each and every Bitcoin job in the United States of America," said Trump.

The Republican candidate also said he would immediately appoint a Bitcoin and crypto Presidential Advisory Council to design transparent regulatory guidance for the benefit of the entire industry.

"And they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive," he added.

Trump, moreover, said he would immediately order the Treasury Department and other federal agencies to cease and desist the creation of a central bank digital currency, known as CBDC -- the digital form of a country's fiat currency that is regulated by its central bank

"It's over. Forget it. There will never be a CBDC while I'm president of the United States," he said, adding he will always defend the right to self-custody.

"As part of our effort to provide regulatory clarity, we will create a framework to enable the safe, responsible expansion of stable coins," he added.

A stable coin is a type of cryptocurrency where the value of the digital asset is pegged to a reference asset, either fiat money or another cryptocurrency.