Donald Trump Declares Support For Cryptocurrency Companies

Former US President and Republican Presidential candidate Donald Trump has pledged to assist cryptocurrency corporations if re-elected. This announcement comes because the American billionaire challenges incumbent President Joe Biden, whose administration appears to be reversing its stance on crypto coverage. With the US Presidential elections nearing later this yr, the contrasting approaches to cryptocurrency regulation have gotten a major level of rivalry.

US Ought to Lead International Crypto Area – Donald Trump

In a submit on self-owned social media platform Reality Social, Donald Trump made a private declaration in assist of the digital asset trade. The previous US president expressed his openness to the potential of cryptocurrency whereas additionally advocating management on this nascent trade. 

Statements from Trump’s submit shared on X by Founding father of blockchain analysis agency Messari, Ryan Selkis, learn: 

I’m very constructive and open minded to cryptocurrency corporations, and all issues associated to this new and burgeoning trade. Our nation should be the chief within the discipline. There is no such thing as a second place.

Donald Trump additionally took a swipe at incumbent President Joe Biden who he accused of being towards the crypto trade. He additionally urged that his administration would have interaction the trade in another way to make sure its growth. 

Trump mentioned: 

Crooked Joe Biden, alternatively, the worst president within the historical past of our nation, desires it (crypto trade) to die a sluggish and painful loss of life. That can by no means occur with me. 

These statements by Donald Trump are largely unsurprising because the Republican has at all times been a refined supporter of the novel digital asset trade which is caught in a regulatory tussle with the present US authorities.

A month after declaring his presidential ambition in 2022, Trump introduced a restricted version of 44,000 non-fungible tokens which depicted him in a number of figures together with a sheriff, an astronaut, and so on. The NFT assortment offered out in lower than a day for a mixed worth of about $4.4 million. 

Most just lately, Donald Trump’s marketing campaign additionally began receiving donations in a number of cryptocurrencies comparable to Bitcoin (BTC), Ether (ETH), and the US Greenback Coin (USDC). These actions coupled with the billionaire’s current assertion point out a evident assist for digital property which can show pivotal within the forthcoming elections.

Is Biden In search of ‘Crypto Votes’?

In response to knowledge from Triple-A, The US is dwelling to 46 million lively grownup crypto customers who can be seeking to have a say on the polls, particularly with the shortage of clear laws and constant crackdowns focused at US crypto house. 

In mild of this case, it seems the present US authorities might be implementing a change in coverage on cryptocurrency following the sudden approval of the Ethereum ETFs by the US Securities and Trade Fee towards common market sentiment. 

Moreover, the US Home of Representatives has additionally handed the Monetary Innovation and Expertise for the twenty first Century Act (FIT),  which confronted opposition from the White Home however with no threats of a veto. Up to now, these actions have been broadly interpreted as political acts by the present administration focused at profitable favors within the upcoming elections. 

Donald Trump
Whole crypto market cap valued at $2.5 trillion on the every day chart | Supply: TOTAL chart on

Featured picture from ABC Information, chart from Tradingview