Donald Trump Promises No CBDC, Supports Right to Self-custody in Nashville Speech

Key Takeaways

• Former President Donald Trump has promised a more crypto-friendly administration that supports financial autonomy.
• Crypto lawyer David Lesperance warned that campaign promises often differ from actual policies implemented in office.
• The future value of cryptocurrencies is likely to be more influenced by overall economic stability and tax policies rather than specific crypto regulations proposed by presidential candidates.

At the recent Bitcoin 2024 conference in Nashville , former President Donald Trump captivated the audience with a declaration against the creation of a U.S. central bank digital currency (CBDC), should he return to office.

A Political Promise With Broad Implications

Trump’s commitment to eschew CBDCs in favor of enhancing the autonomy of digital currencies like Bitcoin (BTC) was clear.

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive.”

“Next, I will immediately order the Treasury Department and other federal agencies to cease and desist all steps necessary because, you know, there’s a thing going on in your industry. They want to move the creation of a central bank digital currency. It’s over. Forget it. There will never be a CBDC while I’m president of the United States. And I will always defend the right to self-custody,” Trump vowed.

He argued that such government-controlled digital assets could undermine the financial freedom currently enjoyed by the crypto community.

Trump’s stance could significantly impact the future of digital currency regulation in the United States, painting a picture of a presidency that might foster a more crypto-friendly environment away from the traditional financial systems.

“This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world. […] There will be billions and billions of people brought into crypto economy and storing their savings in Bitcoin. Those who say that Bitcoin is a threat to the dollar have the story exactly backward. I believe it is exactly backwards. Bitcoin is not threatening the dollar,” Trump stated.

The Realities of Campaign Promises Versus Actual Policy

While Trump’s promises are ambitious, crypto lawyer David Lesperance reminds the industry to temper its expectations.

“For crypto enthusiasts, they need to remember that there is a world of difference between campaign promises and what the winner will actually do when in office. So whether Harris or Trump, all promises must be taken with a giant grain of salt.”

“What will be more important in determining the future value of crypto will be the economy and strength of fiat currency under either a Republican or Democratic administration. Tax policy and the level of economic stability will have a much greater impact than whatever regulation either candidate might implement,” Lesperance elaborated.

While Trump’s anti-CBDC stance and support for the crypto industry may appeal to digital currency proponents, the reality of political promises often diverges significantly from actionable policy. The future of cryptocurrencies in the U.S. will likely hinge more on economic policies and global market trends rather than on the specific regulatory frameworks that presidential candidates propose.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

See more

[email protected] LinkedIn Twitter