Regulation
Donald Trump promises big changes for the crypto industry
Former US President Donald Trump has reaffirmed his support for the cryptocurrency industry, expressing his strong commitment to its growth.
On May 25, the former president made several pro-crypto statements ahead of the November election.
Donald Trump’s latest commitments to the crypto industry
Donald Trump has strongly supported the cryptocurrency industry, emphasizing that the United States must strive to become a global leader in this growing sector.
“I am very positive and open-minded towards 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,” Trump declared.
He further contrasted his position with that of the president Joe Biden, whom he accuses of wanting to stifle the crypto industry. “That will never happen with me,” Trump said. Later, at the Libertarian Party National Convention in Washington, Trump told attendees he would protect their right to self-custody of crypto assets and prevent the creation of a central bank digital currency (CBDC).
“I will support the right to self-custody. To the fifty million crypto holders in the country, I say this: I will keep Elizabeth Warren and her minions away from your bitcoin, and I will never allow the creation of a central bank digital currency,” Trump said. added.
Learn more: Crypto regulation: what are the advantages and disadvantages?
Remarkably, the former president also pledged to pardon Ross Ulbricht if he were re-elected. In 2015, a court convicted Ulbricht to two consecutive prison sentences plus 40 years for creating and operating Silk Road, a darknet marketplace primarily used for drug transactions. However, many members of the crypto community claim that Ulbricht’s sentence represents government overreach.
“If you vote for me, on day one, I will commute Ross Ulbricht’s sentence to time served. He has already served 11 years in prison and we are going to bring him home,” Trump promised.
In the meantime, Trump’s pro-crypto stance appears to improve his electoral prospects. According to Polymarket, a popular crypto-based prediction platform, Donald Trump has a 56% chance of winning the election, compared to Biden’s 38%.
Trump vs. Biden Chances of winning the US presidential election. Source: Polymarket
Trump’s chances have increased significantly in recent months following a series of pro-crypto actions and statements. His campaign notably began accept crypto donations in various digital assets, including Bitcoinmaking him the first major candidate to do so.
Learn more: How to donate crypto using the donation block
In response, the Biden administration has significantly changed its approach to crypto. The White House has expressed interest in working with Congress on effective crypto regulation. Additionally, the crypto-skeptical Securities and Exchange Commission (SEC) approved an Ethereum ETFmarking an important political change.
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