Former US president and Republican presidential candidate Donald Trump has pledged to support cryptocurrency companies if he is re-elected. This announcement comes as the American billionaire challenges outgoing President Joe Biden, whose administration appears to be reversing its crypto policy. As the US presidential elections approach later this year, contrasting approaches to cryptocurrency regulation are becoming a significant point of contention.
The United States should lead the global crypto space – Donald Trump
In a post on independent social media platform Truth Social, Donald Trump made a personal statement in support of the digital asset industry. The former US president expressed his openness to the potential of cryptocurrencies while advocating leadership in this emerging industry.
Statements from Trump’s post shared on by Ryan Selkis, founder of blockchain research company Messari, read:
I am very positive and open-minded about cryptocurrency companies and everything related to this new and booming industry. Our country must be a leader in this area. There is no second place.
Donald Trump also attacked outgoing President Joe Biden, whom he accused of being against the crypto industry. He also suggested that his administration would engage the industry differently to ensure its development.
Trump said:
Crooked Joe Biden, on the other hand, the worst president in our country’s history, wants (the crypto industry) to die a slow, painful death. This will never happen with me.
These statements from Donald Trump are largely unsurprising, as the Republican has always been a subtle supporter of the new digital assets sector, stuck in a regulatory fight with the current US government.
A month after declaring his presidential ambition in 2022, Trump announced a limited edition of 44,000 non-fungible tokens depicting him in several figures, including a sheriff, an astronaut, and more. The NFT collection sold out in less than a day for a combined value. approximately $4.4 million.
More recently, Donald Trump’s campaign also began receiving donations in several cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and US Dollar Coin (USDC). These actions, coupled with the billionaire’s recent statement, indicate blatant support for digital assets that could prove pivotal in the upcoming election.
Is Biden looking for “crypto votes”?
According to Triple-A data, The United States is home to 46 million active adult crypto users who will seek to have a say in elections, especially in the absence of clear regulations and consistent enforcement measures aimed at the US crypto space.
In light of this situation, it appears that the current US government may implement a change in cryptocurrency policy following the sudden approval of Ethereum ETFs by the United States Securities and Exchange Commission against general market sentiment.
Additionally, the U.S. House of Representatives also passed the Financial Innovation and Technology for the 21st Century (FIT) Act, which was opposed by the White House, but without the threat of veto. So far, these actions have been widely interpreted as political acts by the current administration aimed at currying favor in the upcoming elections.
Featured image from ABC News, chart from Tradingview
