Economy 09-05-2024 08:01 18 Views

Donald Trump Calls to End Crypto Hostility in America, Advocates for Inclusion

Donald Trump, former US President and current presidential candidate, on Wednesday hosted a special event at his Mar-a-Lago resort in Florida for NFT owners, where he voiced his support for crypto.

The presumptive Republican presidential candidate held the event for fans who purchased at least 47 of his NFTs, each costing $99.

During a Q&A session, he agreed with a participant who said many cryptocurrency businesses are leaving the country “because of the hostility.” He likely pointed to the Securities and Exchange Commission’s recent enforcement actions against crypto companies, including industry leaders Binance and Coinbase, for allegedly offering unregistered securities.

“Well, we’ll stop it because I don’t want that,” he said. “If we’re going to embrace it, we have to let them be.”

i asked donald trump how he’s going to keep crypto businesses in america.

sounds bullish

— Malcolm (33.3%) (@macdegods) May 9, 2024

Trump Questions Biden’s Understanding of Crypto

He also took a jab at incumbent president Joe Biden, suggesting he doesn’t understand cryptocurrency at all. He further criticized the Democrats, claiming they strongly oppose crypto.

“I’m fine with it. I want to make sure it’s good and solid and everything else, but I’m good with it,” he added. “And if you like crypto in any form — it comes in a lot of different forms — if you’re in favour of crypto, you better vote for Trump.”

Meanwhile, the government, under current president Biden, wants stricter rules for the industry.

StanChart Predicts Trump Win Could Boost Cryptocurrency Market

Earlier, Donald Trump was an outspoken critic of Bitcoin and other cryptocurrencies, repeatedly voicing concerns about the assets. In July 2019, he showed his disapproval, calling them “not money” and criticizing their volatility and lack of underlying value. He further argued that these assets can be used for illegal activities like drug trafficking.

Despite this, the leading Republican candidate has touted a pro-crypto stance during his election campaign. In January, he pledged to prevent establishing a Central Bank Digital Currency (CBDC) if elected President in November, citing a desire to safeguard Americans from government overreach.

“Such a currency would give the federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone,” he said.

This week, StanChart analyst Geoff Kendrick suggested that cryptocurrencies could benefit from a second term for Trump. He argued that under a renewed Trump administration, there could be a generally favorable impact due to a more supportive regulatory climate.

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