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Trump to End Hostility Towards Cryptocurrencies in the United States

donald trump cryptocurrencies

TL;DR

  • Trump promises to end hostility towards cryptocurrencies and create a conducive environment for related businesses in the U.S.
  • He expressed concern about the possibility of cryptocurrencies leaving the country due to the negative attitude of the government and regulators.
  • He showed willingness to accept cryptocurrency donations for his political campaign, marking a significant change in his previous stance on the crypto industry.

Former U.S. President Donald Trump has announced his commitment to ending hostility towards cryptocurrencies and creating a favorable environment for industry-related businesses in the country. His statements were made during the Trump Cards NFT Gala, an exclusive event for holders of his NFTs, on May 8.

In his speech, Trump expressed concern about the possibility of cryptocurrencies leaving the United States due to the government and regulators’ negative attitude. He declared: “If cryptocurrencies are moving out of the United States due to hostility towards them… well, we’ll stop it. We don’t want that. If we’re going to embrace it, we have to let them be here.”

Additionally, the former president showed willingness to accept cryptocurrency donations for his political campaign, ensuring that he would make it possible. The politician’s words mark a drastic change in his position regarding cryptocurrencies, as he had previously expressed critical and skeptical views about Bitcoin and other digital currencies.

donald trump post

Trump Takes Aim at the U.S. Government and the SEC

In contrast, Trump criticized the current administration, led by President Joe Biden, suggesting a lack of understanding about how cryptocurrencies work. He also lashed out at Gary Gensler, chairman of the Securities and Exchange Commission (SEC), and Democratic Party members, whom he labeled as anti-crypto.

The event took place at the luxurious Mar-a-Lago resort in Palm Beach, Florida, and required attendees to own at least 47 of Trump’s NFTs to participate. The former president’s public endorsement could have a significant impact on the future regulatory framework of the crypto industry, particularly in the event of a potential re-election.

On the other hand, the Biden administration has announced its intention to veto a resolution aimed at reversing a regulation considered discriminatory towards crypto assets. The resolution seeks to overturn the SEC Staff Accounting Bulletin 121 (SAB 121), criticized for discouraging banks from engaging in cryptocurrency storage.

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