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Big news in the cryptocurrency world.

Former U.S. President Donald Trump said on Saturday that if he returned to the White House he would fire the chairman of the U.S. Securities and Exchange Commission and choose a cryptocurrency-friendly regulator to appeal to virtual currency enthusiasts and capitalize on the industry's growing influence on the political stage.

“This afternoon (Saturday), I will lay out my plan to ensure that the United States becomes the cryptocurrency capital of the planet and the Bitcoin superpower of the world, and we will achieve that goal,” Trump said.

Trump also proposed firing SEC Chairman Gary Gensler, whose term ends in 2026. If Trump wins the presidential election, he will have a significant impact on the top regulator of this emerging industry.

“We’re going to have regulations, but from now on they’re going to be made by people who love your industry, not people who hate your industry,” Trump said.

He also pledged to form a presidential advisory council on the crypto industry, create a stablecoin framework and called for scaling back law enforcement.

During his speech, Bitcoin took a V-shaped trend, first falling by $1,200 in the short term, breaking the $67,000 mark; at the end of the speech, it rose violently again, recovering all the losses. As of press time, Bitcoin is close to $68,000 per coin.

Editor: Ye Shuyun

Proofreading: Wang Jincheng

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