What Trump Promised the Crypto Industry Before the Election

• During his presidential campaign, Donald Trump portrayed himself as a supporter of cryptocurrencies.
• If reelected, the former president pledged to establish a national crypto stockpile as part of a strategic plan.
• On Tuesday night, the crypto markets rose, with bitcoin reaching a new record high of over $75,000, as the NBC News Decision Desk predicted a string of victories for the ex-president.

On Election Night at Mar-a-Lago, Donald Trump was joined by a group of high-profile supporters, including Elon Musk, Robert F. Kennedy, Jr., and Cantor Fitzgerald CEO Howard Lutnick, as he celebrated his prospective victory.

One thing those three people have in common: crypto.

Trump's recent comments on the crypto industry reflect a shift in his stance, as he has previously been silent on the subject but has relied heavily on it for campaign funding. In order to secure this funding, Trump had to make significant promises regarding the crypto industry.

On Election Night, digital asset markets experienced a surge, with bitcoin reaching a new record of over $75,000 as his victory became increasingly likely. Additionally, crypto-linked stocks such as and moved higher in after-hours trading on Tuesday.

With a Republican-majority Senate, Trump has fewer obstacles to implementing a pro-crypto agenda. Here are some of his promises:

Strategic national crypto stockpile

In July, the largest bitcoin conference of the year took place in Nashville, with Trump as the headlining speaker. During his keynote address, the former president stated that if he were to return to the White House, he would guarantee that the federal government would never sell its bitcoin holdings. Nevertheless, he refrained from suggesting a formal federal reserve of digital currency.

Trump stated in his keynote address that our government has disregarded the fundamental rule that every bitcoiner remembers: "Never sell your bitcoin."

Trump vowed to preserve the amount of bitcoin the U.S. has acquired through confiscating criminal assets.

"My administration, as the United States of America, will maintain a policy of keeping 100% of all bitcoin currently held or acquired in the future," he stated.

The U.S. Marshals Service frequently sells off bitcoin and other cryptocurrencies held in the country's treasury, including ether and litecoin. These sales can sometimes cause a drop in crypto prices, as seen earlier this year when Germany sold off hundreds of millions of dollars worth of bitcoin it had seized.

'On day one, I will fire Gary Gensler'

For months, Trump has publicly pledged to remove Gary Gensler as the Chairman of the U.S. Securities and Exchange Commission.

Trump announced on day one that he would dismiss Gary Gensler, the SEC chairman appointed by Joe Biden, who has been taking a tough stance on crypto regulation.

The SEC chair cannot be fired by the president, even if a new chairman is appointed.

During his tenure as SEC chair, Gensler has taken over 100 legal actions against crypto companies. In various interviews, he has stated that he believes a significant portion of the industry falls under the commission's jurisdiction, and their lawsuits are merely ensuring compliance.

The regulatory clarity that crypto firms seek has not been provided by the recent legal battles, according to the industry. Instead, these battles reflect an excessive reach by the commission.

Trump pledged to establish a "crypto advisory council" for bitcoin and other digital currencies.

"Your industry will be represented by rule-writers who are passionate about it, not those who are hostile towards it," he stated.

Sen. Elizabeth Warren, D-Mass., is seen as an existential threat by the crypto community, and Trump has openly expressed his concerns about her.

All bitcoin will be mined in America

In June, a group of about a dozen bitcoin mining executives and experts met with Trump for an hour and a half in a small tea room at the Mar-a-Lago Club. This was the first time the former president had taken a meeting with the technologists responsible for securing the $1.5 trillion bitcoin network through the use of high-powered machines.

A coalition of prominent private and public American miners, including representatives from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, and Core Scientific, gathered intimately for a meeting.

After his roundtable, Trump praised bitcoin mining on social media.

"Biden's dislike of Bitcoin benefits China, Russia, and the Radical Communist Left. We need all the remaining Bitcoin to be made in the USA! This will help us become energy dominant!" Trump posted on Truth Social after their meeting.

Since then, Trump has on multiple occasions reiterated the sentiment.

Trump declared in Nashville that he wants the future of crypto to be mined, minted, and made in the USA.

"We will generate so much electricity that you'll beg for it to stop, saying, 'Please, President, we can't handle any more electricity!'" he said.

Fed rate cuts

In August, Trump stated that he would reduce interest rates if he became president.

The Federal Reserve, responsible for guiding the country's monetary policy, establishes the benchmark rate and operates autonomously from the White House.

In September, Jerome Powell, the Fed Chair, announced the first easing campaign in four years by reducing interest rates by half a point.

Historically, cuts in interest rates and the easing of monetary policy have been associated with an increase in cryptocurrency prices, as borrowing money becomes more affordable.