Former President Donald Trump is ramping up his advocacy for cryptocurrency as a key element of his 2024 presidential campaign, expressing his ambition to become the “cryptocurrency president.” According to reports, Trump declared his plan to be the cryptocurrency president on June 7, 2024, during a San Francisco fundraiser organized by David Sacks, a general partner at Craft Ventures, along with Chamath Palihapitiya, a tech billionaire.
The event raised $12 million to bolster Trump’s campaign efforts ahead of the Nov. 5, 2024, presidential election.
During the event, Trump reaffirmed his commitment to advancing the cryptocurrency industry. He contrasted his stance with that of the Democratic Party, which he claimed is focused on imposing stringent regulations on the crypto sector. This regulatory approach is often described by the U.S. cryptocurrency industry as forceful regulation.
Trump’s comments come shortly after President Joseph Biden faced criticism from the cryptocurrency community for his decision to veto a resolution that would overturn the U.S. Security and Exchange Commission’s (SEC) staff reporting guidelines (SAB No. 121). This controversial guideline requires institutions that hold crypto assets to report them as liabilities on their statements of financial position.
Trump has been vocal about his support for the cryptocurrency industry in recent public statements. Recently, Trump underlined the significance of the United States spearheading the global cryptocurrency business. Further, in a May 25, 2024, post on Truth Social, a platform owned by Trump Media and Technology Group, he stated, “Our nation ought to lead in the sector; there isn’t a second place.” He also expressed his openness and positive attitude toward cryptocurrency companies and the emerging industry.
Trump continues to have solid support from the cryptocurrency industry, despite recent market issues such as the failure of FTX and the controversy surrounding Terra’s Do Kwon. Sam Bankman-Fried, the founder of FTX, was found guilty of embezzling more than $100 million from clients to support political campaigns in the United States. Do Kwon is currently awaiting extradition from Montenegro to either South Korea or the United States.
Meanwhile, Trump’s team announced that it would now accept donations in cryptocurrencies, a move aimed at protesting against “socialistic government control” of the United States’ financial markets, according to Trump. He referenced Senator Elizabeth Warren’s remarks regarding the formation of an “anticryptocurrency army” to justify his backing for the sector.
Trump’s procrypto stance will probably play a big role in his campaign as the 2024 election draws near, because it will appeal to a portion of the public that is enthusiastic about the prospects of virtual currencies.
As Trump makes crypto a campaign topic, the resulting debate on this industry is likely to draw more awareness about the need to have a comprehensive regulatory framework which allows entities such as Bit Digital Inc. (NASDAQ: BTBT) to thrive under a clearly defined regulatory regime that protects investors while allowing innovation to flourish.
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