Former US President Donald Trump has reiterated his commitment to supporting the cryptocurrency industry as he races to return to the White House in the upcoming presidential election. In his latest post on the social media platform Truth Social, Trump announced his plans to support crypto companies and pointed out the potential of the sector and its importance for the US economy.
Trump made a statement about cryptocurrency
In a message shared by Messari Founder Ryan Selkis, Trump emphasized that his administration will provide broad support to the crypto industry. He described the cryptocurrency ecosystem as a “new and rapidly growing industry,” and the term is seen in the crypto community as a sign that Trump truly understands and is committed to the industry. Throughout his campaign, Trump has consistently demonstrated his support for cryptocurrencies. Not only has it publicly declared its intention to support the new asset class, it has also begun accepting campaign donations in cryptocurrencies such as Bitcoin.
This move demonstrates its proactive approach to integrating cryptocurrencies into mainstream finance and politics. In addition, Trump has launched various Non-Fungible Tokens (NFTs) and sold them, keeping the proceeds in digital currencies. His interaction with the crypto market stands in sharp contrast to President Joe Biden’s administration. During the Biden administration, the Securities and Exchange Commission (SEC) has filed lawsuits against major crypto firms such as Ripple Labs Inc., Binance, Coinbase, and Kraken, claiming that their tokens are securities.
Is Biden changing direction?
In response to changing dynamics and regulatory pressures in the industry, the Biden administration appears to be reviewing its stance on cryptocurrency regulations. While we expect the SEC to classify Ether as a security and possibly reject spot Ethereum ETF applications, the regulator decided to approve eight different proposals earlier this week. This unexpected move was interpreted by many analysts as a political maneuver and showed that cryptocurrencies could be a decisive factor in the 2024 presidential elections.
Former President Trump argues that the United States should lead the global cryptocurrency industry. “Our country must be the leader in this area, there is no second place,” Trump said in a post on Truth Social on May 25. He also criticized President Biden, saying, “THE TRICK JOE BIDEN, the worst president in the history of our country, wants this industry to die a slow and painful death. Nothing like this will ever happen with me!” he said. Trump’s comments come ahead of his speech to the Libertarian Party’s National Convention in Washington, and his pro-crypto stance is expected to resonate with attendees.
Crypto community influence
Trump’s recent positive statements about cryptocurrency have created significant optimism within the industry. According to New York-based crypto prediction platform Polymarket, Trump’s chances of winning the election are currently 56%, while President Biden’s chances are 38%. The increase in the likelihood of Trump’s victory has lifted the spirits of crypto enthusiasts as his administration is seen as more conducive to the growth of the industry.
cryptokoin.com As we reported, just days before his latest pro-crypto statements, Trump announced that his presidential campaign would accept cryptocurrency donations. On May 21, the Trump 2024 campaign launched a fundraising page that allows eligible individuals to donate with a variety of cryptocurrencies, including Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, USD Coin, Solana, and 0x.
In addition to making positive public statements about cryptocurrencies, Trump has also actively engaged with crypto supporters. It is reported that those who purchased Trump’s “Mugshot” NFTs had the opportunity to have dinner with Trump at his Mar-a-Lago residence on May 8. This dinner was part of a deal to purchase digital trading cards featuring a mug shot of him surrendering to the Fulton County Jail.
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