Republican presidential candidate Donald Trump positioned himself as a strong supporter of cryptocurrency and criticized Democrats’ efforts to regulate the sector during a fundraising event in San Francisco.
Former U.S. President Donald Trump is ramping up his support for cryptocurrency as part of his 2024 presidential campaign, aiming to be known as the “crypto president,” according to a recent Reuters report.
On June 7, sources said that Trump announced his ambitions during a fundraising event in San Francisco hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya. The event helped Trump raise $12 million to boost his campaign before the November 5 presidential election.
Trump emphasized his support for crypto and his plans to advance the industry, contrasting it with the Democratic Party’s approach, which he described as imposing strict regulations on the industry.
The claim follows Biden’s controversial decision on crypto
Just a week ago, President Joe Biden faced criticism from the crypto community after vetoing a resolution that would have overturned the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.
These guidelines require institutions that hold crypto assets to record them as liabilities on their balance sheets.
This comes after several recent statements from Trump showing his support for the crypto industry. On May 26, Trump posted on TruthSocial that the U.S. must be a leader in the crypto field.
“Our country must be the leader in the field, there is no second place,” Trump declared in a May 25 post on Truth Social, a social media platform owned by Trump Media and Technology Group. “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” he added.
He also compared himself to the current U.S. president, saying, “Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me!”
However, some experts believe a shift in crypto regulation is happening in Washington.
Meanwhile, the crypto industry isn’t just waiting for changes.
Coinbase, a major crypto exchange, donated $25 million to the crypto-focused super political action committee (PAC) Fairshake as it increases its lobbying efforts ahead of the November U.S. elections.
This latest donation brings the total amount raised by the PAC and its affiliates this election cycle to $160 million, matching recent contributions from Ripple and venture firm Andreessen Horowitz.
Governments worldwide are pro crypto
As Trump pushes for the U.S. to lead in the crypto industry, similar efforts are being seen worldwide, highlighting the global shift towards digital currencies and blockchain technology.
For example, Qatar has recently launched the first phase of its Central Bank Digital Currency (CBDC) project.
The Qatar Central Bank (QCB) is using advanced technologies like distributed ledger and artificial intelligence to enhance liquidity and transaction efficiency for large payments among major banks. This initiative mirrors Trump’s vision of positioning the U.S. at the forefront of financial technology innovation.
Meanwhile, in Spain, Worldcoin’s human identity and financial network have suspended its operations. This follows an investigation by the Spanish Agency for Data Protection, which has halted data collection until the end of 2024.
Similar regulatory scrutiny is occurring in Germany. These challenges highlight the importance of addressing regulatory concerns, something Trump will need to navigate to ensure the responsible growth of the U.S. crypto industry.
In the United Arab Emirates, the central bank has approved a new licensing system for stablecoins. This move aims to boost digital transactions, enhance the digital economy, and foster innovation with payment tokens backed by UAE dirhams.
This regulatory clarity is something Trump envisions for the U.S., advocating for a framework that supports innovation and growth in the digital economy.
By examining these international developments, it’s clear that the global landscape of cryptocurrency is rapidly evolving. Trump’s ambition to make the U.S. a leader in this field aligns with these broader trends, emphasizing the need for clear regulations and innovative approaches to digital currencies.