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Donald Trump has pledged his support for cryptocurrencies, vowing to safeguard the interests of crypto investors while accepting campaign donations in crypto.
Donald Trump, former US president and current presidential candidate for the Republican Party, has declared support for cryptocurrencies, pledging to protect the interests of crypto market participants.
In his presidential campaign speech, Trump faulted the current government for their ignorance and stance on digital assets, claiming, “they don’t even know it.” The Republican flagbearer for the 2024 US elections also pointed out the excessive regulations against cryptocurrencies by the Biden administration.
In light of this, Trump boldly declared that individuals who are proponents of cryptocurrencies in any form should consider voting him into office. According to him, his embrace is to enthusiasts of cryptocurrencies in “different forms,” a remark that deviates from Bitcoin maximalism.
BREAKING: Donald Trump says “If you’re in favor of Crypto, you better vote for Trump"
pic.twitter.com/YIZzgDPCRm
— Insider Paper (@TheInsiderPaper) May 9, 2024
Trump’s current stance on cryptocurrency departs from his previous view of Bitcoin as a “scam.” In 2021, the former US president identified Bitcoin as a threat to the US dollar’s position as the world’s reserve currency. He stressed his determination to maintain the dollar’s dominance, adding, “I want one currency, I want the dollar, I don’t want people leaving the dollar.”
Despite his earlier doubts, Trump has ventured into the crypto arena by launching his branded NFTs, acknowledging the significant interest in and transactions involving cryptocurrencies in this market. He expressed surprise at the adoption rate of the NFT collectibles.
Presidential Candidates Adopt Contrasting Stance Over Crypto Policies
According to Fox News reporter Eleanor Terret, cryptocurrency has emerged as a focal point of debate, with the two “presidential frontrunners” having contrasting views regarding cryptocurrencies.
The two presidential frontrunners planted their flags on very different sides of the #crypto debate today. @POTUS made clear he would side with @SenWarren and @GaryGensler by continuing to support the @SECGov’s regulation by enforcement.@realDonaldTrump said he would stop the…
— Eleanor Terrett (@EleanorTerrett) May 9, 2024
President Joe Biden has taken a similar position with the Democrat, Senator Elizabeth Warren, and SEC chair Gary Gensler. Biden backed the SEC’s regulatory framework and called for regulatory enforcement. Recall that pro-XRP attorney John Deaton is looking to unseat Warren as Senator.
Donald Trump has also adopted a contrasting viewpoint to the Democrats, pledging to shift away from the stringent approach towards cryptocurrency in the US. Furthermore, he strengthened this stance by committing to accept campaign donations in cryptocurrencies.