Donald Trump defends Bitcoin mining

Among today’s crypto news, the announcement of Trump’s new official republican platform that defends Bitcoin mining cannot be missed. Not only that, while on one hand they want to guarantee freedom for cryptocurrency transactions, the republicans continue with their commitment to oppose a CBDC. 

Crypto News: the official Republican platform of Trump that defends Bitcoin mining

The Republican National Committee announced that it has introduced a new official platform aimed at supporting crypto and promoting the innovation of digital assets.

In practice, the Republican party of former President Donald Trump is adopting a platform to primarily stop the “crackdown” on cryptocurrencies. 

Specifically, the platform wants to defend the right of Bitcoin mining and the freedom of crypto transactions and commit to opposing the issuance of a CBDC (Central Bank Digital Currency).

Here is how the document published yesterday reads:

“The Republicans will put an end to the illegal and anti-American crackdown by the Democrats on cryptocurrencies and will oppose the creation of a central bank for digital currencies. We will defend the right to Bitcoin mining and ensure that all Americans have the right to self-custody their digital assets and to make transactions free from government surveillance and control”.

The announcement listed 20 of the main political “promises” of the party without including the crypto item, but digital assets made their appearance in the economy section, among the innovation initiatives.

Crypto news: Trump and the Republicans defend the right to Bitcoin mining and the freedom of transactions

The new political platform of the Comitato Nazionale Repubblicano includes an initiative in favor of cryptocurrencies.

Whether they are just promises, the idea, however, is to support the crypto sector, defending Bitcoin mining and the freedom to execute cryptocurrency transactions that are not monitored or controlled by the government. 

This initiative is part of a shift in Trump’s stance towards Bitcoin and crypto, which has been becoming increasingly evident for months.

In mid-June, in fact, it emerged that from various speeches and interviews of the candidate for the Presidency of the USA, it seems that Trump is recognizing the strategic potential of Bitcoin both as a digital currency and as a technological and financial resource.

Specifically, Trump would have highlighted how Bitcoin and crypto can become the opportunity to strengthen the US economy and ensure competitiveness at a global level. 

To confirm his pro-crypto status, the strategy of accepting crypto donations for his election campaign was considered.

And in fact, the Winklevoss twins, co-founders of the crypto-exchange Gemini, have donated 1 million dollars in BTC each to Trump. Also Jesse Powell of Kraken has made his donation in crypto of 1 million dollars. 

The opposition to CBDCs

At the same time, the official Republican platform of Trump has also committed to opposing Central Bank Digital Currency (CBDC).

In reality, during this election campaign period, Trump had already publicly declared that supporting Bitcoin mining would be the last barrier against CBDCs. 

In any case, the topic of CBDC has already been discussed even before the election campaign. In fact, last February, Republican senators Ted Cruz, Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun had presented the bill “The CBDC Anti-Surveillance State Act”. 

The idea was already to ban CBDCs in the USA, also stating that the digital dollar could interfere with people’s privacy. 

In May 2024, then, the House of Representatives of the US Congress voted in favor of the ban against the Fed, for the issuance of a CBDC.