Donald Trump, the former President of the United States and Republican Presidential hopeful in the election later this year has once again thrown his weight behind crypto.
According to a post he shared on his social media platform Truth Social, the former President revealed plans to support crypto companies. It has long been noted that the innovative firms in the digital currency ecosystem are leaving the country for fear of unfavorable regulation.
In the post shared by Messari Founder Ryan Selkis, Donald Trump said the support his next administration will give to crypto will extend to the broader industry. In his words, Donald Trump called the new ecosystem a “new and burgeoning industry,” a description many believe shows a true understanding of the industry.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) May 25, 2024
Throughout the campaign process, Donald Trump has showcased his love for crypto beyond just words. Besides clearly revealing he would support the new asset class, he has started receiving donations for his campaign in cryptocurrencies like Bitcoin.
Besides this, Donald Trump has launched series of Non-Fungible Tokens (NFTs) most of which he sold and kept the process in digital currencies. By default, the events in the digital currency ecosystem has lost President Joe Biden some popularity among crypto native Americans.
It was under his tenure that the Securities and Exchange Commission (SEC) filed the major lawsuit against Ripple Labs Inc. The lawsuit is still ongoing but at the remedies stage where the regulator is demanding a $2 billion compensation. Besides this, the SEC has also filed lawsuits against Binance, Coinbase and Kraken alleging the tokens they support are securities.
Considering the trend in the industry and the regulatory handling of crypto firms, the Biden administration appears to be making important pivot.
After expecting the SEC to designate and declare Ether a security and possibly deny its spot Ethereum ETF applications, the regulator made a last minute turnaround to approve 8 different offerings earlier this week.
Many analysts have deemed the unexpected move a political one, underscoring the claims that crypto might be the decisive factor in this years’ US Presidential elections.
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