Former President Donald Trump Reaffirms Support for Cryptocurrency Industry
Former US President Donald Trump recently reiterated his backing for the cryptocurrency industry, demonstrating a firm commitment to its advancement. On May 25th, Trump delivered several pro-crypto statements ahead of the upcoming election.
Donald Trump’s Latest Stance on Cryptocurrency
- Trump has shown robust support for the cryptocurrency industry, emphasizing the importance of the United States becoming a global leader in this rapidly expanding sector.
- He voiced his positive outlook towards cryptocurrency companies and all related aspects of this burgeoning industry, stating that the country must lead the way without settling for second place.
- In contrast to President Joe Biden, Trump accused him of attempting to suppress the crypto industry, assuring that such actions would not occur if he were in power.
- During the Libertarian Party’s National Convention in Washington, Trump reassured attendees that he would safeguard their rights to self-custody of crypto assets and prevent the implementation of a central bank digital currency.
Trump’s Pledges and Promises
- Trump provided a pledge to grant a pardon to Ross Ulbricht if re-elected.
- Ulbricht, founder of Silk Road, received a severe sentence in 2015 for his involvement in the darknet marketplace. Trump vowed to commute his sentence should he secure a new term in office.
- Trump’s pro-cryptocurrency stance has contributed to an increase in his chances of winning the election, according to predictions from Polymarket.
- The platform gave Trump a 56% probability of victory, compared to Biden’s 38% chance.
Implications and Reactions
- Trump’s growing support for the cryptocurrency industry has bolstered his election prospects, with his campaign now accepting crypto donations in various digital assets, including Bitcoin.
- In response, the Biden administration has adjusted its approach to crypto, signaling an interest in collaborating with Congress on effective regulatory frameworks.
Regulatory Shifts and Policy Changes
- The Securities and Exchange Commission (SEC), known for its skepticism towards cryptocurrencies, recently approved an Ethereum ETF, signaling a notable shift in policy towards digital assets.
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