Politics tamfitronics
- After Biden exits, Trump’s pro-crypto stance positions him favourably against any opponent.
- Bloomberg suggests Trump would likely appoint a more crypto-friendly SEC chair.
- Despite past criticisms, Trump and his running mate JD Vance strongly support crypto.
After Joe Biden’s withdrawal from the White House race, any opponent of Donald Trump will need to become well-versed in crypto to avoid losing the support of single-issue voters focused on this topic.
Related: Anthony Scaramucci on Warren and Gensler’s Crypto Regulation, Praises Trump’s Impact
Crypto is becoming an increasingly relevant topic in US politics, not only because the sector has faced hostility.
Trump’s Newly-Found Pro-Crypto Stance
Now, a Bloomberg report highlights how Trump could be a winner for crypto. A Trump presidency is seen as overall favourable for US businesses that have been dealing with a hostile Securities and Exchange Commission (SEC). On the other hand, foreign companies could end up losing if Trump is elected.
After initially having an anti-crypto mindset himself, Trump recently has voiced his support for the industry and even met with bitcoin miners and other industry representatives.
He said in the past that the Dollar should be the only world currency, and that Bitcoin was competing with it.
It just seems like a scam. I don’t like it because it’s another currency competing against the dollar
Donald Trump
Now all this has changed and Trump really likes crypto, calling it inevitable. Earlier rumours circulated that Trump may even have “plans for adding bitcoin to the US balance sheet”, as one observer put it.
While some have called his move opportunistic – questioning his motives – others have said it doesn’t really matter, as the alternative is the anti-crypto stance of the current administration.
Potential Impact on the SEC and US Crypto Regulation
Bloomberg’s report notes that it is likely that Trump would appoint a more crypto-friendly SEC chair. They said Gary Gensler’s treatment of the industry has been holding back development.
The report highlights that the agency classified several tokens as unregistered securities, and its chair, Gary Gensler, has faced criticism from notable crypto figures, including Coinbase CEO Brian Armstrong, for the various crackdowns and lawsuits against crypto companies during his tenure.
Related: Cboe Lists Five New Ethereum ETFs Pending Regulatory Approval, Trading Set for July 23
In addition to Trump, his running-mate JD Vance is also a strong supporter of crypto. Vance is reportedly holding somewhere between 3-6 BTC. And additionally, he has a history of initiating and supporting crypto-friendly legislation during his time as a Senator.
With Biden now not running for re-election, the question remains who will replace him and what’s their attitude to crypto?
