Trump's Stance on Cryptocurrency in the US Elections

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by Giorgi Kostiuk

2 years ago

Made with AI

Trump and Cryptocurrency

In the midst of the upcoming US elections, significant developments are unfolding in the realm of cryptocurrency. Trump, in a strategic move to garner more voter support, is adopting a contrasting position to Biden's anti-crypto stance. The current price of Bitcoin stands at $69,700 as of the latest data.

Former US President Trump, vying for a Republican candidacy in the upcoming elections, faces obstacles due to his recent conviction on 34 charges. Despite his past aversion to Bitcoin, as openly stated on Twitter in July 2019, Trump has recently pivoted by engaging in activities such as issuing NFTs and accepting cryptocurrency donations.

Amidst his efforts, Trump is advocating for increased freedom for cryptocurrency investors and a reduction in legal constraints. Simultaneously, developments such as the approval of the ETH ETF—seemingly influenced by Biden's directives to the SEC—and the passing of the FIT21 draft bill in the House of Representatives are reshaping the crypto landscape. Notably, the bill grants the CFTC the authority to classify various altcoins as commodities. However, the process of defining and implementing regulatory frameworks may be protracted even if the bill progresses through the Senate and secures Biden's endorsement.

Trump's Future in November 2024

The electoral dynamics for November 2024 may hinge on Trump's candidacy status. In the event he is ineligible due to his conviction, Biden's stance on crypto may not need to align as closely with pro-crypto sentiments. Several scenarios are conceivable:

  • Trump may appeal the decision, potentially delaying the sentence until 2025—a period during which he could assume the presidential office. Recent polling data suggests a substantial 41.3% approval rating for Trump.
  • The crimes for which Trump was convicted may not mandate prison time in New York, enabling his participation in the elections.|n- Given that Trump is a first-time offender at the age of 77, the sentence could be commuted to house arrest, reflecting a cautious approach in the appeal process.

As per the US Constitution's Article II, Section 1, having a clean criminal record is not a prerequisite for presidential candidacy. The specified conditions include US citizenship, a minimum age of 35, and residing in the US for at least 14 years—all of which Trump fulfills. Consequently, his conviction is unlikely to hinder his candidacy against Biden. This scenario indicates a potential easing of political and legal pressures on cryptocurrency within the US. Should Trump face disqualification, the Republican party may need to pursue an alternative pro-crypto candidate, albeit none as openly supportive as Trump. For instance, Ron DeSantis, while critiquing anti-crypto sentiments, has refrained from explicitly endorsing cryptocurrency as fervently as Trump.

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