Justin Sun, the blockchain creator of Tron, has urged the cryptocurrency community to back a pro-crypto candidate in November’s US presidential election.
Donald Trump and Joe Biden, the front-runners for the job, have recently made several moves toward cryptocurrency users.
In a social media post from May 26, Sun made this plea, stressing the value of supporting a candidate supporting cryptocurrencies to ensure the sector’s voice is heard and its interests are safeguarded. He stated:
“We should support a presidential candidate who endorses cryptocurrencies. We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices should be heard and whose interests should be protected.”
By supporting a candidate that encourages the industry’s expansion and integration into the larger economy, the crypto community can significantly impact the regulatory landscape come election time.
Biden and Trump compete with cryptocurrency
Sun’s remarks coincide with the US’s evolving cryptocurrency regulatory environment.
Cryptocurrency has recently gained political traction, as evidenced by the bipartisan support for two legislation about the subject: the FIT21 Act and SB121. These measures aim to improve the industry’s regulatory environment and provide it with the clarity it needs to prosper.
Furthermore, the Securities and Exchange Commission (SEC), which has always been skeptical of cryptocurrencies, surprisingly changed its mind and allowed spot Ethereum exchange-traded funds (ETFs) 19-b registrations, reversing its earlier position on the commodity.
Since President Joe Biden’s administration has previously supported stringent regulations in the developing sector, stakeholders view these developments as a significant reversal. The White House has also expressed interest in working with Congress to develop sensible crypto rules.
Experts credit these developments to former President Donald Trump’s improved reelection chances due to his recently adopted pro-crypto position. Trump has a 56% chance of winning the election, compared to Biden’s 38%, according to Polymarket. Trump openly opposed cryptocurrencies while president, calling them “based on thin air.”
Due to several pro-crypto declarations and actions, Trump’s chances have improved in the last few months. This past weekend, the former president declared that the US needs to take the lead in the cryptocurrency space and promised to free Silk Road creator Ross Ulbricht, who is now detained. In addition, he is the first prominent candidate to accept cryptocurrency contributions in the form of Bitcoin and other digital assets for his reelection campaign.
