Former US President and Republican presidential candidate Donald Trump has pledged to support cryptocurrency companies if re-elected. This announcement comes as the American billionaire challenges current President Joe Biden, whose administration appears to be reversing its position on cryptocurrency policy. With the US presidential election approaching later this year, the contrasting approaches to regulating cryptocurrencies have become an important point of contention.
The United States Should Lead the Global Cryptocurrency Space – Donald Trump
In a post on self-owned social media platform Truth Social, Donald Trump made a personal declaration in support of the digital asset industry. The former US president expressed his openness to the potential of cryptocurrency while also championing leadership in the emerging industry.
Statements from Trump's post Subscribed to X Written by Ryan Selkis, founder of blockchain research firm Messari Read:
I am very positive and open about cryptocurrency companies and all things related to this new and thriving industry. Our country should be a leader in this field. There is no second place.
Donald Trump also criticized current President Joe Biden, whom he accused of being against the cryptocurrency industry. He also suggested that his administration would engage the industry differently to ensure its development.
Trump said:
On the other hand, conman Joe Biden, the worst president in the history of our country, wants it (the cryptocurrency industry) to die a slow and painful death. This will never happen to me.
These statements by Donald Trump are largely unsurprising as the Republican has always been a hidden supporter of the new digital asset industry which is stuck in a regulatory tussle with the current US government.
A month after declaring his presidential ambition in 2022, Trump announced a limited edition of 44,000 NFTs that depicted him in multiple characters including a mayor, astronaut, etc. The NFT collection sold out in less than a day for a combined value of about $4.4 million.
Recently, Donald Trump's campaign has also started receiving donations in multiple cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and US Dollar Coin (USDC). These actions, along with the billionaire's recent statement, indicate blatant support for digital assets that could be pivotal in the upcoming election.
Is Biden seeking 'crypto votes'?
according to Data from Triple-A, The United States is home to 46 million active adult cryptocurrency users looking to have a say at the ballot box, especially with the lack of clear regulations and consistent crackdowns targeting the cryptocurrency space in the United States.
In light of this situation, it appears that the current US government may implement a policy change regarding cryptocurrencies following the surprise approval of Ethereum ETFs by the US Securities and Exchange Commission against the general market sentiment.
Furthermore, the US House of Representatives also passed the Financial Innovation and Technology for the 21st Century (FIT) Act, which faced opposition from the White House but without veto threats. So far, these actions have been widely interpreted as political actions by the current administration aimed at gaining support in the upcoming elections.
Featured image from ABC News, chart from Tradingview
