Trump promises new regulatory measures, touts potential of cryptocurrencies

NEW YORK — Lifting restrictions has been a hallmark of Donald Trump’s presidency. He has pledged to step up his efforts if he is re-elected to the White House next year.

In a speech Thursday at an event hosted by the Economic Club of New York, the Republican candidate pledged to eliminate 10 regulations for every new rule he implemented, reinforcing his first-term policy that at least two regulations should be eliminated before another could be added.

Noting that his administration was effectively removing five regulatory requirements for every new requirement added, Trump said he would be able to accelerate regulatory cuts “pretty easily.” He added that the cryptocurrency sector was one area in need of regulatory relief.

“Instead of attacking the industries of the future, we will embrace them, including making America the crypto and bitcoin capital of the world,” Trump said.

During his term, Trump was “not a fan” of the digital asset classcalling it volatile and valuing it “on the basis of nothing.” He changed his tone in recent months, calling it “the steel industry of 100 years ago” and going so far as to support the creation of a “strategic reserve” of bitcoin.

Cryptocurrency companies and their allies have accused federal regulators of attempt to “debank” the asset class in recent years. Although the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have not explicitly banned engagement with the industry, advocates say Supervision Guidelines and Preferences have made it difficult for banks to do so. Similar concerns are at the heart of the legal action by Custodia bank — a Wyoming-based digital asset bank — against the Fed over access to the federal payments system.

Trump said deregulation would play a key role in solving the country’s problems. housing shortageestimating that his approach would halve the average cost of building new homes. He said lower interest rates — what he said before He is expected to have a say in shaping that plan — which would also save home buyers a lot of money. He predicts mortgage rates will fall to about 3 percent under his administration.

Trump also detailed his plan to open federal lands to “large-scale housing construction” and other development projects.

“These areas will have very low taxes and very low regulations. It will be one of the best small business job creation programs ever,” he said. “We’re going to open up our country to low-cost housing so that young people and others can buy homes. That’s not possible today. Millions of Americans will be involved in creating these safe, beautiful communities, rekindling the pioneer spirit and, as I said, truly rekindling the American dream.”

Manufacturing will be the main beneficiary of Trump’s regulatory relief, he said, citing the auto industry several times during his hour-long speech. He also called for growth in the steel and aerospace industries, which he said would strengthen national defense.

Trump also announced that he would create a “government efficiency commission,” which would be tasked with conducting a financial and performance audit of the entire federal government to root out waste, fraud and mismanagement of funds. He said the group would be led by Tesla CEO Elon Musk, whom Trump credits with the idea for the group’s creation.

In addition to deregulation, Trump’s economic agenda focuses on increasing domestic energy production and lowering taxes, including lowering the corporate tax rate from 21% to 15%, expanding research and development tax credits, and making bonuses 100% depreciable. Democratic candidate and Vice President Kamala Harris reportedly plans to raise the corporate tax rate to 28% and is seeking a higher tax rate. a capital gains tax rate of 28% on people earning $1 million or more.

Raising tariffs is also a pillar of Trump’s policy agenda. He has said the tax on imports could be used to fund a variety of programs, including child care assistance for working families.

“If you compare those numbers to the numbers I’m talking about taxing foreign nations at levels they’re not used to… those numbers are far higher than any of the numbers we’re talking about, including child care,” he said. “I hope to be deficit-free in a fairly short period of time.”

During a question-and-answer session, Trump discussed the use of sanctions against foreign adversaries. He said he would use sanctions in a limited way to protect U.S. strength.

“I have used sanctions, but I have applied them and lifted them as quickly as I can because ultimately it kills your dollar and everything the dollar stands for, and we have to continue to make the dollar the world currency,” he said. “It would be losing a war if we lost the dollar as a world currency. I think it would be the equivalent of losing a war. It would make us a third world country, and we can’t let that happen.”

On Wednesday, the Treasury Department’s Office of Foreign Assets Control sanctions imposed of 10 individuals and two entities as part of the Biden administration’s response to alleged Russian influence efforts targeting the 2024 U.S. presidential election.