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As Donald Trump celebrated his historic victory in the 2024 US presidential election, he was surrounded by a host of celebrities, including Elon Musk, Robert F. Kennedy, Jr. and Howard Lutnick. All three had one thing in common: cryptocurrency.

It's an industry he's only recently talked about, but one that's received big campaign funding.

Digital asset markets surged on election night, with Bitcoin hitting a record high of more than $75,000 as he began to be tipped to win.

Related stocks like Coinbase and MicroStrategy also saw their prices jump in after-hours trading.

Here's what he promised the crypto industry ahead of the 2024 US Presidential election:

Cryptocurrency Reserves

In Nashville in July, Mr. Trump gave a keynote speech at the Bitcoin 2024 conference. The former US President declared that if he returned to the White House, he would ensure that the federal government would never sell all of its Bitcoin holdings.

He pledged to maintain the current amount of Bitcoin the US has from asset seizures of financial criminals.

“If elected, it will be the policy of the United States government to retain 100% of all Bitcoin that the US government currently holds or acquires in the future,” he said.

The US Marshals Service regularly auctions off Bitcoin or other cryptocurrencies like Ether and Litecoin in its vaults.

These auctions sometimes drive down cryptocurrency prices, as when Germany sold hundreds of millions of dollars worth of seized Bitcoin earlier this year.

“I would fire Gary Gensler on day one”

In public speeches, Mr. Trump promised to fire the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler.

“I would fire Gary Gensler on day one.” The SEC chairman, appointed by President Joe Biden, has taken an aggressive approach to cryptocurrency regulation.

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SEC Chairman Gary Gensler may lose his job when Donald Trump takes office as US President. Photo: Bloomberg

According to CNBC , the president does not have the power to fire the SEC chairman. Even if Mr. Trump appoints a new chairman, Gensler will still be a commissioner of the agency.

Gensler, who has filed more than 100 lawsuits against cryptocurrency businesses, said in interviews that he believes most of the industry falls under his jurisdiction and that lawsuits are simply forcing compliance.

Cryptocurrency companies argue that recent legal battles do not provide the regulatory clarity they seek. Instead, they reflect the commission overstepping its bounds.

Mr. Trump also vowed to create a “presidential Bitcoin and cryptocurrency advisory council” and that “regulations will be written by people who love the industry.”

All Bitcoins Will Be “Mined” in the US

In June, in Florida, about a dozen cryptocurrency leaders and experts sat down with Mr. Trump for an hour and a half at the Mar-a-Lago Club. The intimate gathering included some of the biggest names in the field.

Less than four hours after the meeting ended, Mr. Trump took to social media to declare: “We want all remaining Bitcoins produced in the USA.”

He has reiterated this view several times since then. “If cryptocurrency is going to define the future, I want it to be mined and made in America.” He has even vowed to produce so much electricity that people will beg to quit.

Interest rate reduction

In August, Mr Trump said he would cut interest rates if elected. The Federal Reserve, which guides US monetary policy, operates independently of the White House.

Interest rate cuts and monetary policy easing are consistent with cryptocurrency price increases as it makes borrowing money cheaper.

(According to CNBC)