Trump's cryptocurrency endorsement: Upcoming challenges for Europe
The US Republican presidential nominee, Donald Trump, delivered a keynote to crypto advocates at the Bitcoin 2024 conference. The former US President promised to make the United States "the crypto capital of the planet and bitcoin superpower of the world".
Positioning himself as a contrast to the Biden administration and the Democratic nominee, Kamala Harris, Trump pledged to create a Bitcoin "strategic reserve" for the US government. He also vowed to dismiss Securities and Exchange Commission (SEC) Chair Gary Gensler if elected, and "appoint an SEC chair who will build the future, not block the future". Last week, Trump became the first presidential candidate to accept crypto donations and raised $4 million (€3.69 million) in cryptocurrencies for his campaign.
While Trump's backing of cryptocurrencies may appeal to voters who support digital tokens, the vigorous pro-crypto campaign could bring renewed regulatory risks to European policymakers. The monopolistic position of the USD-dominated digital tokens may also pose a threat to the world's second-largest reserve fiat currency, the euro.
The crypto markets saw a resurgence this year, driven by the trajectory of central banks' easing monetary policies. The Bitcoin halving event and the SEC's approval of spot Bitcoin (Exchange Traded Funds) ETFs also sparked bullish momentum in these digital tokens. Since Biden withdrew from the presidential race earlier this month, Bitcoin has experienced a further rally due to growing speculation about a Trump victory in the November election. The largest cryptocurrency, Bitcoin, rose more than 13% from last month to more than $68,700 (€63,244) on Monday, just 6% short of its all-time high reached in March 2024.
Trump's pledges at the
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