Donald Trump teases US 'crypto capital of the planet' plan

crypto.news · 2024-08-29T07:13:31+00:00

Former President Trump plans to make the US the "crypto capital of the planet," through a new project known as World Liberty Financial. Details are scarce, but the project is rumoured to involve real-world assets and tokenisation. In May, Trump began to adopt pro-crypto remarks to win support and promised to create a strategic Bitcoin reserve and fire the SEC chair at the July Bitcoin conference. A Bitcoin bill from Republican Senator Cynthia Lummis from Wyoming has also been gaining momentum in the Senate, which aims for a two-decade Bitcoin hold.

crypto.news

2024-08-29 07:13:31

Abstract generation in progress

Former President Donald Trump announced his intent to position the U.S. as a global crypto hotspot if elected.

On Aug. 29, Trump stated that he would lay out his plan to ensure America becomes the “crypto capital of the planet” as blockchain and digital assets increasingly feature in U.S. political campaigns. Trump’s X post also mentioned the World Liberty Financial initiative, spearheaded by his sons, Donald Trump Jr. and Eric Trump.

Details about the project were scarce at press time, but rumors suggest it revolves around real-world assets and tokenization.

The Trump sons also warned crypto proponents to beware of scams and imitators on the project’s official Telegram channel, which has over 53,000 subscribers. Trump has yet to disclose how involved he might be in World LibertyFi or what the initiative aims to achieve.

Donald Trump’s crypto shift

During a May gala, Donald Trump first styled himself as the industry’s champion and started adopting pro-crypto remarks to woo web3 votes.

Trump’s bullish rhetoric continued at the July Bitcoin (BTC) 2024 conference. The Republican party candidate promised to create a strategic Bitcoin reserve and fire Gary Gensler, current Securities and Exchange Commission chair.

While odds between Trump winning and Democratic pick Kamala Harris becoming president have fluctuated recently, crypto seemed to lean toward the former president and his supposed policies.

Also, a Bitcoin bill fielded by fellow Republican Senator Cynthia Lummis from Wyoming has reportedly garnered steam in the Senate. Like Trump’s plan, Lummis’ proposal would tap America’s existing stockpile and leverage Gold certificates for a two-decade Bitcoin HODL.

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