Former President Donald Trump is diving headfirst into the crypto wave, especially now that it means one-upping his main rival, President Joe Biden. The leading Republican candidate has been on a roll lately, embracing the crypto industry with open arms, even going as far as accepting campaign donations in various cryptocurrencies, including meme coins like Doge and SHIB. 

In a new post on his social media platform, Trump reiterated his love for crypto, making it clear that he’s all in on digital assets in the race for the White House. 

Trump’s 180-degree Shift on Crypto

“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry,” Donald Trump wrote in his signature all-caps style. The former President stressed that the United States must lead the charge, arguing, “There is no second place.”

Trump didn’t miss the chance to throw shade at Biden, claiming that his rival wants the crypto industry to “die a slow and painful death.”

The former President’s new social media post is a complete 180-degree shift from his stance a few years ago when he was skeptical of cryptocurrencies compared to the US dollar.

"The currency of this world should be the dollar. And I don't think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high," Trump said in a 2021 interview with Fox Business. 

However, after cashing in big with his Trump trading cards in the NFT space, which earned him millions, Trump appears ready to embrace his new role as the pro-crypto candidate.

This shift is especially clear in his Presidential campaign and especially with his newly launched crypto donation portal, which accepts eight cryptocurrencies, including Bitcoin, Ethereum, Shiba Inu, Dogecoin, USDC, Ripple, and 1inch.

Trump’s newfound support for crypto comes at a particularly interesting time, as the current administration faces scrutiny over its regulatory approach. The timing and his pivot to a pro-crypto stance could shake up the political landscape and the crypto world.

Lawmakers Trump Biden’s Anti-Crypto Stance

Biden’s administration has been at war with the US crypto industry since it took office. Over the past four years, crypto companies have struggled to navigate the nation’s murky and tangled web of legislation and regulators’ alleged campaign against digital assets. 

As the US sees an exodus of companies and talent, lawmakers are now stepping up to challenge the current administration and regulators like the SEC, which is why the nation is so hostile toward crypto companies.

This month, the US House of Representatives passed several groundbreaking crypto resolutions. On May 9, it passed a resolution overturning the SEC’s crypto accounting guidance, which stopped banks from serving crypto customers. Then, on May 22, the House approved the FIT21 act, aiming to transfer regulatory oversight of cryptocurrencies from the SEC to the CFTC—a pivotal moment for the industry.

With mounting pressure from US lawmakers and scrutiny over its approach, regulators and the Biden administration are easing their stance, possibly in response to the growing chorus of dissent. This shift was particularly evident in Biden’s changed tone toward the recent FIT21 Act, despite his earlier promise to veto any pro-crypto regulation.

On the Flipside

Economic advisors from the White House take aim on behalf of President Biden, claiming cryptocurrencies held no fundamental value. 

Trump opposed central bank digital currencies, saying he would “never allow them” if elected.

Donald Trump’s supporters have reported technical difficulties when donating Bitcoin via Coinbase’s payment gateway.

Why This Matters

Crypto policies will be a key deciding factor in the 2024 elections. Trump’s endorsement of pro-crypto laws could gain him significant support from institutions and crypto companies in the country. His stance might be the edge he needs to rally a new wave of supporters and gain traction in the race.

Source : DailyCoin / May 26, 2024