Regulation
Cryptocurrencies enter the US presidential election cycle
For the first time, Bitcoin and cryptocurrencies will take center stage in an American presidential election cycle. President Trump is positioning himself as the first major party candidate to actively court Bitcoin and cryptocurrency holders.
For the first time, Bitcoin and cryptocurrencies will take center stage in an American presidential election cycle. Donald Trump has reversed course on cryptocurrencies and is now positioning himself as the first major party candidate to actively court Bitcoin and cryptocurrency holders.
Addressing cryptocurrency enthusiasts at Mar-a-Lago last week, Trump’s message was clear: Support him or you face the Biden administration’s stringent regulatory measures against the industry. “They are against it,” he said at an event promoting his non-fungible token (NFT).
This overt appeal to the cryptocurrency faithful marks a significant departure from Trump’s previous criticism of Bitcoin during his first term, although it is not entirely unexpected. The GOP has increasingly embraced digital assets, in contrast to Democrats who remain divided over granting legitimacy to the sector, with Elizabeth Warren leading an anti-crypto army.
Trump’s direct endorsement represents a crucial moment for the American cryptocurrency industry, which has stepped up lobbying efforts and invested millions to influence the upcoming 2024 elections.
Trump at Mar a Lago with Messari cryptocurrency defender Ryan Selkis, via
The issue has become a new line of attack by Trump against Biden. SEC Chairman Gary Gensler, a Biden appointee, has pursued aggressive enforcement actions against cryptocurrency companies for alleged violations of federal securities laws. Trump criticized the administration’s position, saying: “The Democrats are very much against it.”
However, not all Democrats oppose cryptocurrencies. Despite Biden’s veto threat, twenty-one Democrats joined Republicans in voting to overturn the SEC’s guidance on cryptocurrencies. However, Trump’s membership introduces a new partisan dynamic into the cryptocurrency regulation debate, potentially complicating the industry’s bipartisan outreach efforts.
Bitcoin Magazine CEO David Bailey is working with Donald Trump’s campaign to develop their policies on Bitcoin and cryptocurrencies. He wrote on Trump has taken the first step, but there is still a lot of work to do. We intend to raise a war fund of 100 million dollars for the campaign to ensure that the next president of the United States is pro Bitcoin. “
trump said the crowd that says President Joe Biden “doesn’t even know” what cryptocurrencies are. “If you like cryptocurrencies in any form, and they come in many different forms, if you’re pro cryptocurrencies, you’re better off voting for Trump,” he added.
The Trump campaign will accept cryptocurrency donations and this is expected to result in a sizable war chest.