- Political ideologies clashed at the Bitcoin Nashville conference as Republicans and Democrats court the crypto sector
- Rep. Wiley Nickel has claimed Vice President Kamala Harris might rethink Democrats’ crypto policy
- Donald Trump has outlined crypto-friendly policies, including establishing a “strategic national bitcoin reserve”
Political ideologies clashed during the Bitcoin Nashville conference over the weekend, with both Republicans and Democrats looking to court the crypto sector for votes. Democrat Representative Wiley Nickel took to the stage on Saturday to claim that US Vice President Kamala Harris might rethink Democrats’ crypto policy before Donald Trump took the stage the following day to reel off a list of crypto-friendly policies, including the establishment of a “strategic national bitcoin reserve.”
Tough Crowd for Nickel
Nickel received a frosty reception, which isn’t surprising given that the Democrats have spent the past few years trying to cripple the crypto sector, but it seems that change might be in the air; Nickel claimed that Joe Biden’s replacement Kamala Harris has an understanding of cryptocurrency and might consider it a significant issue in her campaign for the White House.
The former North Carolina Senator also highlighted the considerable effort being made to get a fresh perspective from Harris on crypto policy, thanks in part to the push by twenty-eight Democratic officials, including several House members, who are urging party leaders to reevaluate their stance on the sector.
This development underscores the growing importance of cryptocurrency as a campaign issue in the 2024 election, fueled by substantial fundraising contributions from industry leaders.
Nickel couldn’t help but point out Donald Trump’s flip-flopping on crypto, having formerly called it “scam” during his presidency from 2017 to 2020 and dismissing it as an attempt to destabilize the US dollar. This fact seems to have been forgotten by Bitcoin holders, some of whom would presumably have voted for Adolf Hitler if he had said he supported Bitcoin.
Trump Promises the World
Trump’s talk on Sunday included a pledge to establish a “strategic national bitcoin reserve” and vowed never to sell the government’s seized Bitcoin. Prior to the event, there had been speculation and hope that Trump would make such an announcement, with Cynthia Lummis expected to announce something similar.
Addressing over 3,000 attendees, Trump emphasized the importance of Bitcoin being “mined, minted, and made in the US,” outlining a comprehensive crypto policy, covering everything from stablecoin regulation to the right to self-custody one’s Bitcoin. This speech highlighted Bitcoin’s journey from being a niche interest to becoming a central issue in American politics, marking a quite incredible turn in fortunes.
🇺🇸 PRESIDENT DONALD TRUMP IS LIVE AT THE BITCOIN CONFERENCE NOW.
— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024
Trump warned that if the Democrats retained the White House, it would be detrimental to the crypto industry, predicting harsh measures against crypto proponents. Trump’s day-one plans, if elected, include firing Gary Gensler, the current chair of the Securities and Exchange Commission, who is unpopular in the crypto industry. This promise was, unsurprisingly, met with enthusiastic applause, despite Gensler’s SEC being the administration that has allowed Bitcoin and Ethereum ETFs.
Additionally, Trump announced his intention to establish a “bitcoin and crypto advisory council” upon taking office, further solidifying his commitment to the crypto sector. Whether he will stick to these policies if elected is something that only time may tell.
