Former US President and Republican Presidential candidate Donald Trump has pledged to support cryptocurrency companies if re-elected. This announcement comes as the American billionaire challenges incumbent President Joe Biden, whose administration seems to be reversing its stance on crypto policy. With the US Presidential elections nearing later this year, the contrasting approaches to cryptocurrency regulation are becoming a significant point of contention.

US Should Lead Global Crypto Space – Donald Trump

In a post on self-owned social media platform Truth Social, Donald Trump made a personal declaration in support of the digital asset industry. The former US president expressed his openness to the potential of cryptocurrency while also advocating leadership in this nascent industry. 

Statements from Trump’s post shared on X by Founder of blockchain research firm Messari, Ryan Selkis, read: 

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

Donald Trump also took a swipe at incumbent President Joe Biden who he accused of being against the crypto industry. He also suggested that his administration would engage the industry differently to ensure its development. 

Trump said: 

Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it (crypto industry) to die a slow and painful death. That will never happen with me. 

These statements by Donald Trump are largely unsurprising as the Republican has always been a subtle supporter of the novel 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 which depicted him in multiple figures including a sheriff, an astronaut, etc. The NFT collection sold out in less than a day for a combined value of about $4.4 million. 

Most recently, Donald Trump’s campaign also started receiving donations in multiple cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and the US Dollar Coin (USDC). These actions coupled with the billionaire’s recent statement indicate a glaring support for digital assets which may prove pivotal in the forthcoming elections.

Is Biden Seeking ‘Crypto Votes’?

According to data from Triple-A, The US is home to 46 million active adult crypto users who will be looking to have a say at the polls, especially with the lack of clear regulations and consistent crackdowns targeted at US crypto space. 

In light of this situation, it appears the current US government could be implementing a change in policy on cryptocurrency following the sudden approval of the Ethereum ETFs by the US Securities and Exchange Commission against general market sentiment. 

Furthermore, the US House of Representatives has also passed the Financial Innovation and Technology for the 21st Century Act (FIT),  which faced opposition from the White House but with no threats of a veto. So far, these actions have been widely interpreted as political acts by the current administration targeted at winning favors in the upcoming elections. 

Donald Trump
Total crypto market cap valued at $2.5 trillion on the daily chart | Source: TOTAL chart on Tradingingview.com

Featured image from ABC News, chart from Tradingview

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