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Trump Promises to Embrace ‘Industries of the Future’ Including Crypto, AI
If elected, the former U.S. president has said he will install Elon Musk as head of a new government efficiency commission.
- Former President Donald Trump only devoted a brief moment to crypto in an otherwise lengthy economic address on his intentions for the U.S. economy in a second Trump term.
- Trump repeated his promise to make the U.S. the world capital for crypto.
Donald Trump reiterated his promise to make the U.S. the crypto capital of the world if re-elected president during public remarks Thursday,though digital assets only received brief mention in his wide-ranging speech about his economic agenda.
“Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and Bitcoin,” Trump told the audience at an Economic Club of New York gathering.
STORY CONTINUES BELOW
Trump may have a direct role in the industry, himself,as the "chief crypto advocate" for a forthcoming crypto project tied to his family, World Liberty Finance.
Read more: Inside the Trump Crypto Project Linked to a $2M DeFi Hack and a Former Pick-Up Artist
During his hour-long speech, Trump laid out his plans to overhaul the U.S. economy if granted a second term, including slashing regulations and promoting increased domestic energy production.
“I will launch a historic campaign to liberate our economy from crippling regulation,” Trump said. “I’m pledging today that in my second term, we will eliminate a minimum of tenfold regulations for every one new regulation.”
Trump added that, if elected, he will immediately issue a national emergency declaration to increase domestic energy production, citing the need for increased electricity to continue growing the artificial intelligence sector and keep the U.S. tech industry competitive with China.
“With these sweeping authorities, we will blast through every bureaucratic hurdle to issue rapid approvals for new drilling, new pipelines, new refineries, new power plants, new electric plants and reactors of all types. Prices will fall immediately in anticipation of this tremendous supply that we can create rather quickly, and we will be the leader instead of the laggard,” Trump said.
Trump also said he will take Elon Musk up on his suggestion to create a government efficiency commission tasked with auditing the federal government’s spending and ferreting out waste – as well as his offer to lead it, joking that the owner of X (formerly Twitter) and CEO of Tesla was "not busy."
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
