Regulation
Donald Trump supports cryptocurrencies in the US presidential race against Joe Biden
The cryptocurrency wars began during the US elections and both presidential candidates are trying to leverage an industry worth trillions of dollars to win the presidential race. Recently, after criticizing Bitcoin, Donald Trump threw his weight behind cryptocurrencies, signaling a significant change in his stance.
Donald Trump’s crypto policy
According to various videos released on X by non-fungible token inventor and influencer Frank Degods, Trump appeared to urge NFT customers of his intention to accept crypto donations.
Previously, Trump heavily criticized Bitcoin, even calling it a “scam”, but is now pledging to fully support digital assets, promising to end US hostility towards crypto. It also accepts campaign donations of digital assets. Trump vows to protect crypto investors’ rights, unlike Biden’s regulatory approach. His bold statement, urging crypto enthusiasts to “vote Trump” contrasts strongly with the Biden administration’s regulatory approach, which Trump criticizes for its lack of understanding and heavy-handed tactics.
Additionally, Trump wants to keep the US dollar strong, but also sees the value of cryptocurrencies and promises to support crypto investors. This new support extends to his businesses, with Trump launching his own branded NFTs and accepting campaign donations of digital assets.
Cryptographic reaction
According to CoinMarketCap, the meme coin “Jeo Boden,” inspired by President Joe Biden, jumped 18.5% in the last 24 hours following Donald Trump’s comments. Trump has expressed skepticism towards the coin, pointing to its high market capitalization of $240 million. Avical Garg, co-founder of Electric Capital, welcomed Trump’s change in stance on crypto, highlighting the potential consequences if Biden remains anti-crypto. As Trump prepares for the 2024 presidential election, his campaign has yet to comment.
Tug of war between Democrats and Republicans
According to Fox News journalist Eleanor Terret, the divide between Democrats and Republicans on the regulation of cryptocurrencies is clear. President Biden aligns with regulators like the SEC, while Trump seeks to dismantle conflicting policies and actively embrace digital currencies. Despite bipartisan efforts to roll back some regulations, such as SAB 121, the Biden administration remains opposed, highlighting the ongoing bitter fight over crypto regulation in the political arena.
Trump or Biden, who will race for crypto? Tell us your choice.