Donald Trump, the Republican presidential nominee and former president of the United States, has vowed to support cryptocurrency enterprises should he be re-elected
The American entrepreneur is making this declaration at a time when incumbent President Joe Biden’s administration appears to be reversing course on cryptocurrency policy. As the US Presidential elections approach later this year, the divergent regulatory approaches towards cryptocurrencies are emerging as a substantial source of dispute.
According to Donald Trump, the United States ought to lead the global cryptocurrency industry.
Trump endorsed the digital asset industry in a statement published on his privately owned social media platform, Truth Social. In addition to praising the potential of cryptocurrencies, the former president of the United States advocated for leadership in this nascent industry.
As stated by Ryan Selkis, founder of the blockchain research firm Messari, excerpts from Trump’s post were disseminated on X.
I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place.
Additionally, Donald Trump criticized incumbent President Joe Biden, whom he claimed opposed the cryptocurrency industry. Furthermore, he proposed that his administration adopt a novel approach to industry engagement to foster its growth.
Trump added:
Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it (crypto industry) to die a slow and painful death. That will never happen with me.
As a Republican who has always been a covert supporter of the novel digital asset industry, which is embroiled in a regulatory dispute with the current US government, these statements by Donald Trump are largely predictable.
One month after announcing his intention to run for president in 2022, Trump unveiled a limited edition of 44,000 non-fungible tokens bearing various representations of himself, such as an astronaut, a sheriff, and others. Less than a day later, the NFT collection was sold out for an estimated $4.4 million.
Recent contributions to Donald Trump’s campaign have also been accepted in a variety of cryptocurrencies, including the US Dollar Coin (USDC), Bitcoin (BTC), and Ether (ETH). The billionaire’s recent statement and actions demonstrate an egregious endorsement of digital assets, which could prove crucial in the upcoming elections.
Does Biden Intend to Acquire “Crypto Votes”?
In light of the absence of clear regulations and the consistent crackdowns directed at the US crypto space, Triple-A estimates that 46 million active adult crypto users reside in the United States and will seek to participate in the elections.
Following the US SEC’s unexpected approval of Ethereum ETFs against the prevailing market sentiment, the current US administration may implement a new policy regarding cryptocurrencies.
Furthermore, the US House of Representatives also ratified the Financial Innovation and Technology for the 21st Century Act (FIT), which was opposed by the White House but not threatened with a veto. The actions above have thus far been extensively construed as political maneuvers executed by the present administration to gain support in the forthcoming elections.