Donald Trump Plays A Crypto Card Amid US Election

Candidates Riding On Crypto Agenda In US Presidential Election

The current scenario of the US is waving with the Elections and Cryptocurrency Agenda. Some candidates favor Cryptocurrency while some are plotting theories against crypto. Overall, it's a complicated point in the history of the US election. 

A piece of news is circulating in the US on the acceptance and non-acceptance of Cryptocurrency amid the US Election. Donald Trump, a powerful candidate in the US Presidential election supports Cryptocurrency whereas, Joe Biden, a strong opponent in the US election is against Cryptocurrency. 

This is the first time that Bitcoin and other cryptocurrencies will play a major role in an American Presidential election campaign. As an interesting turn of events, Donald Trump has shifted his attitude towards the crypto industry, becoming the first major party nominee who would not shy away from seeking the votes of the Bitcoin and crypto community.

However, it is worth noting that not all the members of the Democratic party are against cryptocurrencies. The democrats voted twenty-one in supporting the republicans to discharge the SEC crypto guidance even when the president promised to veto it. However, Trump’s endorsement introduces a new party-associated element into the regulation of cryptocurrencies that may pose challenges to the crypto industry.

RFK Jr. in President Election in the US

RFK Jr. is a well-known Pro-Bitcoin Presidential candidate because he is the first to introduce Bitcoin in the Presidential Election. In a Public speech he talks about implementing the entire US Economy on Blockchain through Bitcoin He wants to take the entire US Economy to another level of transparency. He concluded that transactional freedom is as important as freedom of speech and it can be obtained through Bitcoin. RFK Jr. supports digital assets and accepts campaign donations in the form of Bitcoin to give back US Dollars Bitcoin If he is elected. Crypto is equal to freedom, he then added.

Donald Trump In Support Of Crypto 

Donald Trump announced on Tuesday 21st May 2024, that he accepts donations through digital assets surfing on the Internet that can be traded even without any Global Banking System. Donald Trump desires to create a Crypto Army and hence Trump’s campaign has started accepting donations through all types of cryptocurrency on a fundraising platform on Coinbase whether it is Bitcoin, Ethereum, Shiba Inu Coin, Dogecoin, or US Dollar Coin.  According to the information, Elon Musk is considering Shiba Inu and Dogecoin as the better investment option.

Donald Trump's campaign has already raised cryptocurrency through its various crypto including Bitcoin, Ether, etc. Trump contributing his support through Cryptocurrency assets. However, it's not yet clear whether Donald Trump's campaign retain the cryptocurrency or sell it immediately. The Former US president has received millions of cryptocurrency in his digital trading cards NFT projects and also his MAGA coin released last August. 

Coinbase spokeswoman Julia stated that Cryptocurrency is neutral and enhances the flow of monetary exchanges through its efficiency and speed. Candidates can use Coinbase since it is available to all this election year. While some states have banned cryptocurrency donations in state races based on the existing campaign finance laws, the Federal Election Commission allows committees to accept Bitcoin contributions.

Trump directly addressed crypto supporters, sending a clear message that support him or expect to be met with tough regulatory conditions from Biden’s administration. “They are against it,” he announced at an event that was meant to promote his own NFT collection. He minted a collection of many NFTs. This was quite a shift from Trump’s negative stance on Bitcoin in his first term as president. He also said, “If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump”.

The support of the president is a big boost for the US crypto industry which has ramped up lobbying efforts and has spent millions on the upcoming 2024 elections. This has become a new focus area for Trump to continue bashing Biden. He also disagreed with the administration’s stance on the matter, pointing out that SEC Chair Gary Gensler has been aggressively antagonistic towards crypto companies for failing to register with the agency. “The Democrats are very much against it,” Trump stated.

The campaign team of Trump has hired David Bailey, who is the CEO of Bitcoin Magazine help in developing policies regarding Bitcoins and other cryptocurrencies. Bailey said on X that they have been working on a detailed executive order that Trump needs to sign on his first day in power. He plans to gather $100 million to finance a president who will guarantee the further promotion of Bitcoin, inviting users to participate.

President Joe Biden Responds To Cryptocurrency

President Joe Biden has not yet responded to the Cryptocurrency campaign announced by Trump and other candidates in the US presidential Election. The previous reports and currency scenario reveal that Biden is against Cryptocurrency whereas, other candidates are accepting donations through cryptocurrencies and Bitcoin. 

Conclusion

According to the information collected by CoinGabbar, campaigning on digital asset regulation and supervision, legislators are expressing increased attention to the issue as the United States argument positions itself for the election season. One example of the initiative is Coinbase's Stand With Cryptocurrency PAC which is aimed at raising the level of awareness of cryptocurrencies among politicians. Since Trump’s campaign has adopted the possibility of accepting crypto donations it was expected that this will contribute to the creation of a huge war chest and mark the shift in the political sphere and use of digital currencies.

Also Read: First-Ever Standalone Crypto Legislation By The U.S.