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Donald Trump vs. Joe Biden: the epic clash over crypto policies

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The countdown to the US elections has begun and is intensifying by the hour. One of the candidates – former President Donald Trump – has lit a new spark in the American political arena: cryptocurrency.

Trump’s recent statements hint at the candidate’s commitment to having crypto companies on his side, in stark contrast to the Joe Biden administration.

Defending cryptocurrencies

Trump’s recent statements on his social media platform, Truth Social, have caused a stir in the cryptocurrency world.

He expressed strong support for cryptocurrency companies, underlining his desire for the United States to be a leader in this growing sector. This marks a clear departure from the Biden administration’s approach.

Design contrasts

Trump did not hesitate to criticize President Biden’s handling of cryptocurrencies, portraying him as an antagonist of the sector. This stark contrast in attitudes positions Trump as a champion for cryptocurrency enthusiasts.

“The corrupt Joe Biden, on the other hand, the worst president in the history of our country, wants (cryptocurrency) to die a slow and painful death. This will never happen with me”

What caused the change of heart?

Trump’s stance on cryptocurrencies has changed over the years. Once a skeptic, he has since gone crypto-friendly, diving into NFT collections and accepting campaign donations in cryptocurrencies like Bitcoin, Ether and Dollar Coin. NFTs of him, featuring him in various iconic roles, sold out in a flash, demonstrating his huge following and his fans’ preference for digital assets.

With as many as 46 million active adult cryptocurrency users in the United States, Trump’s expressed support for digital currencies could influence a significant voting bloc. These voters crave clear regulations and consistent government support, making Trump’s alignment with their interests politically advantageous.

Make strong commitments

At a recent Libertarian National Convention, Trump promised to counter Biden’s alleged anti-crypto agenda and safeguard the future of digital assets in the United States. His promises to protect cryptocurrency custody rights and oppose a central bank digital currency (CBDC) have strong resonance within the crypto community.

Understanding Biden’s current position

The Biden administration’s recent actions indicate that it may be changing its stance on cryptocurrency. Suddenly, the SEC approved Ethereum ETFs and the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or FIT21.

This signals a warmer climate in terms of regulation of digital assets. These actions can be seen as political steps to win the hearts and minds of pro-crypto voters before the elections.

Future perspectives

The crypto community seems quite positive about Trump’s promises. Ryan Selkis, founder of blockchain research firm Messari, posted Trump’s statements on X, highlighting the former president’s openness to digital assets. Others also spoke in favor.

According to former CFTC Chairman Chris Giancarlo, Trump could go down in history as the first “cryptocurrency president.” His administration’s approval of Bitcoin futures ETFs marks a turning point, with Trump himself acknowledging the growing importance of Bitcoin as “an additional form of currency.”

As voters weigh their options, one thing is for sure: the voice of the crypto community is finally being heard!



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