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As America approaches its presidential elections, former President Donald Trump has shown interest in advocating for the cryptocurrency industry while badgering the incumbent administration over its stance on digital assets. 

Trump’s recent pronouncements give a glimpse into the candidate’s commitment to having crypto companies on their side, striking a stark contrast from the Joe Biden administration.

Trump’s Pro-Crypto Stance

Trump warmly addressed the cryptocurrency sector on his social media platform, Truth Social.

He said, “I am very positive and open-minded to cryptocurrency companies and everything related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place.” 

This statement posits his resolve to set up a crypto-friendly environment in case of his re-election.

The candidate did not mince words when he called out President Biden’s administration’s treatment of the crypto space. He alluded that Biden aimed to kill the crypto industry.

“Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me,” Trump said.

Crypto as a Campaign Strategy

Trump’s stance on crypto has shifted over the years. From being skeptical, he has since turned crypto-friendly, dived into NFT collections, and accepted campaign donations in cryptocurrencies such as Bitcoin, Ether, and US Dollar Coin. His NFTs, depicting him in various iconic roles, sold out in a flash, showing his massive following and his fans’ preference for digital assets.

By publicly supporting cryptocurrencies, Trump can also mobilize a large voter base. 

According to data from Triple-A, the United States has 46 million active adult crypto users. These voters are especially concerned with a lack of clear regulations and consistent government actions against the crypto sector. Trump’s pro-crypto stance could galvanize this demographic and give him a tremendous advantage in the elections.

In a speech at the Libertarian National Convention recently, Trump promised to stop Biden’s “crusade to crush crypto” and ensure that the future of digital assets is shaped in the U.S. He also promised to protect the right to self-custody of cryptocurrencies and to oppose the creation of a central bank digital currency (CBDC).

Shifts in Biden Administration’s Crypto Policy

The recent actions of the Biden administration indicate that it may be changing its stance on cryptocurrency. Suddenly, the SEC approved Ethereum ETFs, and the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21. 

This signals a warmer climate in terms of regulating digital assets. These actions can be seen as political steps to win the hearts and minds of pro-crypto voters before the election.

Future Prospects

The crypto community looks quite positive about Trump’s promises. Ryan Selkis, founder of blockchain research firm Messari, posted Trump’s statements on X, highlighting the former president’s openness to digital assets. 

Moreover, Trump’s campaign has started accepting crypto donations, reinforcing his commitment to integrating cryptocurrencies into his political platform.

The former chairman of the CFTC, Chris Giancarlo, views Trump as the first “crypto president” by citing the approval of Bitcoin futures ETFs under his administration. Trump himself has acknowledged the growing popularity of Bitcoin, terming it “an additional form of currency.”

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Filed under: Bitcoin - @ May 27, 2024 8:22 am