In a speech on his economic vision at the Economic Club of New York, U.S. presidential candidate Donald Trump promised to embrace cryptocurrency if re-elected in 2024. Trump reiterated his commitment to making the United States the "Crypto Capital of the World," stating his desire to embrace industries like Bitcoin and blockchain rather than regulate them out of existence.
During the speech, Trump highlighted that his administration would seek to eliminate 10 outdated regulations for every new one implemented. According to him, this would free the U.S. economy from the constraints of excessive bureaucracy and enable innovative sectors like cryptocurrencies to thrive. He said, "Instead of attacking future industries, we will embrace them and make America the world capital for crypto and Bitcoin."
Trump’s remarks came shortly after his family announced a new decentralized finance (DeFi) project, World Liberty Financial, which will be built on Aave, a popular Ethereum-based lending platform. The project showcases Trump’s broader focus on embracing blockchain technology to modernize financial systems.
Throughout his hour-long speech, Trump also touched on broader economic policies. He vowed to reduce inflation, cut energy costs, and promote American-made products through pro-America trade policies and tariffs designed to stimulate local production and bring billions of dollars back into the country. Trump's plans include making the U.S. the world's leading manufacturing power and eliminating unnecessary government regulations that he says hinder economic growth.
In addition to these promises, Trump expressed interest in a proposal by Elon Musk to create a Government Efficiency Commission to oversee federal spending. Trump also touched on controversial issues like artificial intelligence (AI), describing it as something that must be controlled carefully despite its potential benefits.
Trump concluded his speech by saying, "I’ve always put America first. I ran our economy like a business, and I will do the same again."
If re-elected, Trump's commitment to making the U.S. the global center of cryptocurrency could lead to significant policy shifts, particularly in fostering a more crypto-friendly regulatory environment. His approach contrasts with the more cautious stance taken by current regulators, positioning him as a proponent of growth in blockchain and digital asset markets.