Trump Vows Crypto Support

Donald Trump, the former President of the United States and Republican Presidential hopeful, has once again backed the cryptocurrency industry. In a bold move, Trump pledged to support crypto companies if re-elected.

This announcement comes as the American billionaire challenges incumbent President Joe Biden, whose administration appears to be reversing its stance on crypto policy.

In a post on his self-owned social media platform, Truth Social, Trump revealed his plans.

The former President expressed his openness to the potential of cryptocurrency while advocating for leadership in this nascent industry. Statements from Trump's post, shared on X by Ryan Selkis, Founder of blockchain research firm Messari, read:

"I am very positive and open-minded to cryptocurrency companies and everything related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place."

Criticism of Biden's Policies

Donald Trump took a swipe at incumbent President Joe Biden, accusing him of being against the crypto industry.

He suggested that his administration would engage the industry differently to ensure its development. Trump stated, "Crooked Joe Biden, on the other hand, the worst President in the history of our country, wants it (the crypto industry) to die a slow and painful death. That will never happen with me."

Track Record of Support

These statements by Donald Trump are largely unsurprising. The Republicans have always subtly supported the digital asset industry, which is stuck in a regulatory tussle with the current US government.

A month after declaring his presidential ambition in 2022, Trump announced a limited edition of 44,000 non-fungible tokens (NFTs) depicting him in various figures. The NFT collection sold out in less than a day for a combined value of about $4.4 million.

Crypto Campaign Donations

Donald Trump's campaign has also started receiving donations in multiple cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and the US Dollar Coin (USDC).

These actions and the billionaire's recent statements indicate strong support for digital assets. This support may prove pivotal in the forthcoming elections.

Shifting Political Landscape

According to data from Triple-A, the US has 46 million active adult crypto users looking to have a say at the polls.

That comes amid the lack of clear regulations and consistent crackdowns targeting the US crypto space. In light of this situation, the current US government could change its cryptocurrency policy.

The sudden approval of the Ethereum ETFs by the US Securities and Exchange Commission against general market sentiment is a case in point.

Furthermore, the US House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT), despite opposition from the White House but with no veto threats.

These actions have been widely interpreted as political acts by the current administration to win favor in the upcoming elections.