The crypto war started in the US elections, and the two presidential candidates are trying to leverage the trillion-dollar industry to win the presidential race. Recently, after criticizing Bitcoin, Donald Trump has thrown his weight behind cryptocurrencies, signaling a significant shift in his stance.
Donald Trump Crypto Politics
According to various videos released on X by non-fungible token inventor and influencer Frank Degods, Trump appeared to urge NFT customers that he intends to accept crypto donations.
Previously, Trump heavily criticized Bitcoin, even labeling it a “Scam,” but now pledges full support for digital assets, promising to end US hostility towards crypto. He also accepts campaign donations in digital assets.
Trump pledges to protect the rights of crypto investors, in contrast to Biden’s regulatory approach. His bold declaration, urging crypto enthusiasts to “vote Trump,” contrasts sharply with the Biden administration’s regulatory approach, which Trump criticizes for its lack of understanding and heavy-handed tactics.
Furthermore, Trump wants to keep the US dollar strong but also sees the value of cryptocurrencies and promises to support crypto investors. This newfound support extends to his ventures, with Trump launching his own branded NFTs and accepting campaign donations in digital assets.
Crypto Reaction
According to CoinMarketCap, the “Jeo Boden” meme coin, inspired by President Joe Biden, surged 18.5% in the last 24 hours following comments from Donald Trump. Trump expressed skepticism about the coin, remarking its high market capitalization of $240 million.
Avichal Garg, Co-founder of Electric Capital, praised Trump’s changing stance on crypto, noting the potential consequences if Biden remains anti-crypto. As Trump gears up for the 2024 presidential election, his campaign has yet to comment.
Tug-of-War Within Democrats vs Republicans
According to Fox News Journalist Eleanor Terret, the divide between Democrats and Republicans on cryptocurrency regulation is clear. President Biden aligns himself with regulatory bodies like the SEC, while Trump seeks to dismantle adversarial policies and actively embrace digital currencies.
Despite bipartisan efforts to nullify certain regulations, such as SAB 121, the Biden administration remains opposed, highlighting the ongoing tug-of-war over crypto regulation in the political arena.
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