Former President Donald Trump reiterated his support for Bitcoin and the broader crypto industry during a speech at the Economic Club of New York on September 5
During his speech, Trump outlined a broader vision for a “national economic renaissance” and said his economic policies would promote emerging technologies and industries through clear regulations rather than stifle them.
He added:
“We will make America the world capital of crypto and Bitcoin.”
Trump said his administration would eliminate 10 rules for every new regulation it issues to reduce bloated federal oversight and promote the growth of industries within U.S. borders.
Trump did not provide details during the speech about what kind of rules his administration would establish for crypto, but previously pledged to ensure that the US never sells the approximately 200,000 Bitcoin it holds. He also promised to “fire” SEC Chairman Gary Gensler on his first day in office.
Musk will lead the efficiency task force
Trump also unveiled plans to create a “government efficiency” commission headed by Tesla and SpaceX founder Elon Musk if he is re-elected in November.
The commission would conduct a full financial and performance audit of the federal government, identifying areas of waste and recommending “drastic reforms” to reduce inefficiencies. He pledged that the Musk-led panel would eliminate fraud and improper payments within six months of its creation.
Trump’s pledge to streamline government operations adds a new element to his 2024 campaign platform, which has largely focused on cutting taxes, deregulating energy production and curbing government spending.
Musk confirmed on social media that he would accept the role if Trump is re-elected, saying:
“I look forward to serving America when the opportunity arises. There is no need for pay, no title, no recognition.”
However, the proposal has been criticized, with union leaders accusing Trump of trying to undermine nonpartisan federal workers.
Trump regains Polymarket leadership
Trump has regained his lead over Vice President Kamala Harris on the crypto prediction platform Polymarket, controlling 53% of the market share compared to Harris’ 46%.
The shift marks a major change in momentum as investors and political observers adjust their expectations in favor of Trump, who had briefly fallen behind Harris in recent weeks. However, his recent revival has been attributed to growing market confidence in his handling of key issues such as the economy and immigration.
Polymarket participants overwhelmingly support Trump on economic issues, with 53% betting he will manage the economy better, compared to 44% for Harris. His lead is even bigger on immigration, where he commands 56% of market sentiment, surpassing Harris’ 42%.
The shift in perception comes after weeks of public appearances by the former president, including rallies, interviews, speeches and even spots on alternative media platforms such as podcasts with Lex Fridman and an interview with streamer Adin Ross.