The Republican nominee for president of the United States in 2024, Donald Trump, has publicly endorsed cryptocurrencies and pledged to uphold the rights of cryptocurrency investors. In his campaign speech, Trump said that the Biden administration has been cracking down on digital assets because it doesn’t understand how cryptocurrencies work.
Donald Trump vs. Joe Biden: The Crypto Battleground
In his latest presidential campaign speech, the Republican candidate stated: “If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”
Donald Trump, the presidential candidate, has made it evident that he will not use regulatory authority to suppress Bitcoin and other digital assets. In an interview with CNBC last month, he stated, “I’m not sure that I’d want to take it away at this point because I’ve seen there has been a lot of use of that.”
However, in 2021, Donald Trump had a different opinion on Bitcoin, calling it a “scam” and something that threatened the US dollar’s position as the world’s reserve currency. He still discusses defending the dollar, though. He said, “I don’t want people leaving the dollar; I want one currency, the dollar.”
Donald Trump says “If you’re in favor of Crypto, you better vote for Trump” pic.twitter.com/5AGYIfsNOg
— Randi Hipper (@missteencrypto) May 9, 2024
However, in recent years, Donald Trump has ventured into digital assets by introducing his NFTs to the market. “People were going crazy for these things [NFTs], and so many of these were bought with this new cryptocurrency and I couldn’t believe the amount,” he claimed.
Republicans versus Democrats
According to Fox News Journalist Eleanor Terret, as the two front-runners for president outlined their divergent stances, the debate over cryptocurrencies took centre stage.
President Joe Biden sided with Senator Warren and SEC Chairman Gary Gensler, reaffirming his commitment to the SEC’s regulatory strategy and stressing enforcement-based regulation.
Meanwhile, Donald Trump has adopted a different attitude, claiming to remove the antagonistic stance towards crypto in the United States. He has also promised to aggressively support cryptocurrencies by taking digital asset donations for his campaign.
Remarkably, a few Democrats joined the Republicans in passing a resolution declaring SAB 121 void. The Biden administration, however, is against this bill.
